Concerningly, Airpoints is one of 33 Frequent Flyer programs whose estimated value has declined (from NZ$ 1.3 bn in 2020) while the other 67 top Frequent Flyer program valuations have grown. It’s still the 41st most valuable Frequent Flyer program globally (between Finnair and Thai Airways). It’s also more valuable than Flybuys who’s carrying value is reported to be zero.