Thank you for sharing the very interesting article. In my estimation, it should not be a mistake if large loyalty programmes are also represented in the (ultra) luxury sector. After all, when choosing a loyalty programme, the possibility of redeeming points plays an important role. A loyalty programme that offers the possibility to redeem points also in very fancy hotels is likely to attract more members than a programme with less glamorous hotels. Therefore, in a blended calculation, the inclusion of luxury brands is likely to be more profitable for the programme as a whole. It should also be kept in mind that the users of the programme who have enough points for expensive hotels are more likely to be business consultants or other well-educated people whose behaviour is likely to be only marginally different from paying luxury guests.