Core Viewpoint - The hotel loyalty points black market is challenging industry standards, with many individuals sharing accounts for point accumulation, leading to a gray market for hotel points and memberships [1][7][18]. Group 1: Gray Market Dynamics - Numerous individuals are purchasing hotel points from platforms like Xiaohongshu, often resulting in financial losses due to the inability to provide identity information for large point transfers [2][15]. - A gray industry chain has emerged, with participants including professional "room brushing" groups, point resellers, and even hotel employees [11][12]. - The secondary market for hotel points and memberships has become a business, with transactions being openly priced on platforms like Xianyu [10][19]. Group 2: Hotel Membership Policies - Major hotel chains like Marriott and Hilton have specific policies for point transfers, allowing limited transfers under certain conditions, which are now exploited in the gray market [8][9]. - Marriott allows members to transfer up to 100,000 points to other members, while Hilton has similar policies with a maximum of 500,000 points received per year [8]. - The original intent of these loyalty programs, which was to enhance customer loyalty, is being undermined by the commercialization of point transfers [7][19]. Group 3: Consumer Behavior and Risks - Consumers are increasingly tempted by low-priced points and are taking risks by engaging in transactions on secondary markets, leading to account freezes and potential financial losses [13][15]. - The allure of significant savings, such as using points for stays that would otherwise cost thousands of dollars, drives the demand for point purchases [20]. - The ongoing transactions create a cat-and-mouse game between consumers and hotel chains, with increased scrutiny and account audits leading to account suspensions for those engaging in suspicious activities [24][29]. Group 4: Impact on Hotel Industry - The rise of "water members" (members who acquire points through non-standard means) is causing hotel chains to tighten their membership benefits, which may inadvertently affect genuine members [30][36]. - As hotel groups face pressure to maintain profitability, they are raising the point redemption thresholds and reducing benefits, which could alienate loyal customers [30][39]. - The homogenization of membership benefits across hotel chains is leading to a lack of differentiation, making it harder to retain high-value members [47][48]. Group 5: Conclusion on Market Dynamics - The gray market for hotel points represents a complex interplay of consumer behavior, corporate policy, and market dynamics, where both consumers and hotel chains face significant risks [49][50]. - Ultimately, the exploitation of loyalty programs for profit is creating a challenging environment for both consumers seeking value and hotel chains aiming to protect their revenue streams [51][52].