The end of the airline miles monopoly: How the new regulation impacts your wealth

The Brazilian Chamber of Deputies' recent approval to limit companies' control over the transfer and sale of airline miles marks a structural shift in how consumers manage digital loyalty assets. Amidst a retail sector facing severe margin pressures—as seen in the liquidity crisis affecting players like CVC—this regulation forces the conversion or free circulation of points, challenging the forced retention of value by loyalty programs. With the commercial dollar at R$ 5.1859, a 1.58% rise in seven days, the intrinsic value of miles is under pressure, making liquidity critical for purchasing power protection. Investors must treat miles as a variable revenue component rather than a mere bonus. While the measure improves consumer rights, it may trigger sector-specific inflation or lead companies to raise mile requirements for tickets to compensate for lost operational efficiency. Over the next 180 days, we expect a more fragmented market, with a reduction in aggressive arbitrage as loyalty programs adjust their pricing algorithms.