Another thing which may affect the game is that at least in Finland, most properties play multiple loyalty programs. I am quite curious about that how it is so. I don't know how it is in Sweden or rest of the world.

For example:

Radissons play with ClubCarlson. But they play also with the Finnish "S-group" where you get x-% cash back and they have negotiated rates, usually lower than through Carlson. I would dare to say that booking through S-group is more economical than Carlson if you don't care about the Carlson's global coverage.

IHG's properties play also with "Hotellimaailma", also a local Finnish program where their rates are also typically lower with good promotions compared to booking through IHG. With "hotellimaailma" you can choose to go with "hotel bonus club" program instead of IHG, where you get a 12€ for every stay for restaurant or other, but if you decide to save the vouchers, you can redeem a free night with 6 vouchers. Additionally you get a cash-back type bonus annually based on your spend.

These "competing programs" can add some inflexibility at least to Finns who don't think going abroad to redeem anything with IHG or Carlson, for them it will be better to book through S-group (Radisson) or Hotellimaailma (IHG).