IHG Rewards Club has allowed program members to use points for merchandise such as Apple products since late 2014.
Now that the program is starting to expire points, it is better to redeem them for products that you can use rather than having them just expire.
Here are the Apple products that are currently available and their prices using IHG Rewards Club points:
You can never get good value of travel loyalty program points when you use them for merchandise. It is better than having them just to expire or sit in your account indefinitely, however.
For those that have large balance and have points starts expiring next month, this could be a reasonable option.