Originally Posted by
Cledaybuck
All that may be true, but isn't the simpler explanation that hotels prices have gone up, so hotels giving out more points. Stands to reason hotels will cost more points to redeem then. Of course, Hilton's dynamic pricing system naturally does this, to some extent.
But that doesn't explain HH's decade-plus of structural instability. They've had multiple wholesale program reboots whereas Marriott and Starwood have not. (Before their merger, anyway.)
In inflationary markets, they handle with the regular annual category creep. All of the programs do that.
Hilton has had challenges keeping their basic program construct intact for more than about 3 years at a stretch.