As the travel season comes into full swing, a new report sheds light on the prominent role of rewards points and loyalty programs in American travel plans. According to the second annual Barclays US Consumer Bank’s Travel Rewards and Loyalty Report, 76% of U.S. travelers rely heavily on these programs to enhance their travel experiences and would have to downgrade their trips without rewards points. Wakefield Research, a B2B market research firm, helped compile the information for the report, which coincided with National Travel and Tourism Week.
Based on a survey of 1,000 U.S. travelers by Wakefield Research, the report dives into consumer attitudes and behaviors surrounding travel and rewards programs in 2024. It highlights the value that consumers place on travel programs and co-branded credit cards, offering insights into generational differences and consumer preferences.
“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.”
The report reveals that reward points are fundamental for many travelers, with 37% prioritizing them in their budget. An overwhelming majority, 72%, say they feel they gain more from their credit card rewards programs than they invest, a sentiment shared by 78% of Millennials.
The findings also indicate that loyalty programs significantly shape travel behavior. Without reward points, approximately 76% of travelers would alter their travel plans, potentially choosing different providers, cheaper accommodations, less convenient travel methods, or shorter trips.
Generational differences in travel trends also exist. For example, only 7% of Baby Boomer respondents plan to travel for business in 2024, while 93% plan to travel for leisure. In contrast, compared to other groups, Millennials are more likely to travel for business (30%) and have the highest enrollment in rewards programs (83%). However, 79% of Gen X respondents, 69% of Millennials, and 70% of Gen Zers plan to have leisurely getaways and are less focused on business travel. Key perks for Millennials include airline miles (72%) and hotel points (67%).
Unlock the full Barclays 2024 Travel Rewards and Loyalty Report by clicking here.
Read More on Trends, Updates, and Industry Leaders
Read more on Loyalty360:
Southwest Enhances Rapid Rewards® Program
Allegiant Travel Company Ranked as a Top Airline
Delta and American Express Reveal New Card Design