Personal travel is a priority for many consumers this year, and rewards programs are poised to make a significant difference, as per a survey of 1,000 US travelers conducted by Wakefield Research. In line with the commencement of National Travel and Tourism Week, Barclays US Consumer Bank has released its second annual Travel Rewards and Loyalty Report. The report offers new insights into what travelers value in loyalty programs and rewards in 2024.
The study delves into consumer attitudes, sentiments, and behaviors concerning travel, loyalty, and rewards programs. It also underscores the importance consumers place on travel rewards programs and co-branded credit cards. The report provides insights into consumer preferences and generational differences.
Doug Villone, Head of US Cards and Partnerships at Barclays US Consumer Bank stated, “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.” He added that these findings indicate that rewards programs play a crucial role in facilitating Americans' business and leisure travels.
According to the report, more than a third of travelers in loyalty programs (37%) view reward points as an essential part of their budget. Most cardholders (72%) believe they gain more from their credit card rewards programs than they invest in them. This sentiment is particularly prevalent among Millennials at 78%.
The report also highlights how loyalty programs create travel opportunities. A majority of travelers in loyalty programs (76%) can't envision undertaking trips of the same quality without these program benefits. Without rewards, most people (77%) concur they would alter their travel habits significantly.
The survey also reveals generational divides among travel trends. While Baby Boomers will be traveling least for business this year (7%), they will be traveling most for leisure (93%). Millennials are expected to travel most for business this year (30%) out of all age groups surveyed.
Barclays collaborated with independent market research company Wakefield Research to conduct the survey from March 27 to April 3, 2024. The survey defined travelers as individuals who have traveled by air in the past 12 months and are likely to do so again in the next 12 months.
Barclays US Consumer Bank is a leading co-branded credit card issuer and financial services partner in the United States. It creates highly customized programs to drive customer loyalty and engagement for some of the country's most successful travel, entertainment, retail, and affinity institutions.