Report reveals 76% of American travelers can't
imagine taking the trips they do without rewards points or
loyalty programs
WILMINGTON, Del., May 20, 2024
/PRNewswire/ -- Personal travel is top of mind for many consumers
this year and rewards programs will make all the difference,
according to a survey of 1,000 US travelers by Wakefield
Research. At the start of National Travel and Tourism Week, the
second annual Barclays US Consumer Bank's Travel Rewards and
Loyalty Report provides fresh insights into what travelers care
about related to loyalty programs and rewards in 2024. This report
explores consumer attitudes, sentiments, and behaviors related to
travel, loyalty, and rewards programs and highlights the value
consumers place on travel rewards programs and co-branded credit
cards with insights related to consumer preferences and
generational differences.
"Our second installment of the Travel Rewards and Loyalty Report
builds on last year's findings and emphasizes the continued value
that consumers place on rewards programs," said Doug Villone,
Head of US Cards and Partnerships at Barclays US Consumer Bank.
"The findings show that rewards programs are an essential part of
helping Americans travel for business and leisure. With our highly
regarded and customized co-branded credit card programs for many of
America's most successful travel and retail brands, we focus on
providing best-in-class experiences for the brands and our shared
customers."
Rewards points are incredibly valuable
Rewards points are so important that more than a third of
travelers in loyalty programs (37%) consider them an essential part
of their budget. Most cardholders (72%) get more out of their
credit card rewards programs than they put into them. This is an
especially high sentiment with Millennials at 78%.
Loyalty programs create travel opportunities
Most travelers in loyalty programs (76%) can't imagine taking
the caliber of trips they do without the benefits of these
programs. Without rewards, most people (77%) agree they would
travel differently. Most people (76%) also say they'd alter their
travel behavior significantly without rewards. This might mean
opting for different providers, settling for cheaper
accommodations, choosing less convenient travel methods, or even
shortening trips.
Generational divides persist among travel trends
While Baby Boomers will travel
the least for business this year (7%), they will travel the most
for leisure (93%). Millennials will travel the most for business
this year (30%) out of the age groups surveyed. However, leisure is
top of mind for all age groups with Gen X (79%), Millennials (69%),
and Gen Z (70%) all planning getaways. Millennials (83%) are also
more likely to be currently enrolled in a rewards program than
their peers (75% for Gen Z, Gen X, and Baby Boomers). Priority
perks for them included airline miles (72%) and hotel points
(67%).
The survey supports the continued rise in personal and business
travel and validates that consumers significantly value rewards and
loyalty programs that are helping to fund the demand for domestic
travel, globetrotting and upgrades.
Read the full Barclays 2024 Travel Rewards and Loyalty
Report.
Barclays partnered with independent market research
company Wakefield Research to survey 1,000 US adult travelers
from March 27 and April 3, 2024. Travelers are defined as having
traveled by air in the past 12 months, and likely to travel again
in the next 12 months.
About Barclays US Consumer Bank
Barclays US Consumer Bank is a leading co-branded credit card
issuer and financial services partner in the United States that creates highly
customized programs to drive customer loyalty and engagement for
some of the country's most successful travel, entertainment,
retail, and affinity institutions. The bank offers co-branded,
small business and private label credit cards, installment loans,
online savings accounts, and CDs. For more information, please
visit www.BarclaysUS.com.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/barclays-releases-2024-travel-rewards-and-loyalty-report-302150158.html
SOURCE Barclays US