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The Barclays US Consumer Bank 2023 Travel Rewards and Loyalty Report recently announced its findings on how economic conditions and market trends have influenced consumer attitudes, sentiments, and behaviors related to travel, loyalty, and rewards programs. Barclays partnered with independent market research company Wakefield Research to survey 1,000 US adult travelers* from May 19 to May 27, 2023.
The report highlights the value consumers place on travel rewards programs and co-branded credit cards with insights related to consumer preferences, gender and generational differences, as well as the role inflation has played in spending behaviors.
Over the next 12 months, nearly one in five consumers (16%) plan to travel primarily for business, while 67% plan to travel mostly for personal trips.
Inflation Is the Primary Reason Travel Hesitancy
Many fliers love to travel but become weary of rising costs, especially increased pricing for flights, lodging, ground transportation, and dining. Due to inflation of these travel essentials, travelers have been less likely to take trips over the past five years, surpassing concerns about health risks or cancellations.
For many loyalty members, earning rewards outranks the cost of traveling. Nearly half of travelers in such programs (44%) prioritize earning rewards over finding the lowest costs when traveling, demonstrating the value that these travelers place on their loyalty programs.
"This new research indicates that three out of four people currently enrolled in a travel loyalty program couldn't imagine taking the trips they want without its benefits," said Doug Villone, Head of US Cards and Partnerships at Barclays US Consumer Bank. "By tracking the value of loyalty and rewards, this report uncovers how travelers are making key decisions about leisure and business travel."
For nearly three in four Millennials (74%), earning the most rewards is more important than getting the lowest price. And during times of economic uncertainty, Millennials are the generation most focused on cost-cutting through miles and points programs.
When faced with economic instability, travelers of all ages prioritize lower fees (52%), flexibility of earned rewards and flier miles (47%), and the ability to earn more miles and points with each flight (46%).
Travelers are looking for more ways to make trips possible. For those who consider travel essential, having a loyalty or rewards program with the dependability and flexibility to meet their needs is the way to keep travel viable going forward – even in the face of inflation and economic uncertainty.
Click here to read the full 2023 Barclays Travel Rewards and Loyalty Report.
Read More on Loyalty360:
Revolutionizing Travel Experiences: Gen Z and Millennials Embrace Loyalty Programs
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The Future of Loyalty: Metaverse, AI, and Post-Pandemic Challenges
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