Over the past two decades, airline loyalty programs have grown from being relatively small operations, mostly designed to reward a few high-volume business travelers with free flights and other perks. Today, airline loyalty programs are essential elements of an airline’s business model, and they often generate more profits and have higher valuations than the airline itself. United Airlines is often cited as the key case study in this matter, as the airline valued its MileagePlus loyalty program as more valuable than the airline itself back during the pandemic.
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