A survey conducted by Wakefield Research has shed light on the profound influence of loyalty programs on travel trends in the United States during 2024. An overwhelming majority of credit cardholders (72%) expressed satisfaction with the benefits they receive from their rewards programs, believing that they outweigh the effort required to earn them. This sentiment is particularly strong among Millennials, with 78% holding this view.
Rewards points have become an integral part of travel budgets, with 37% of travelers in loyalty programs considering them a crucial element. Many travelers (76%) recognize that the benefits provided by loyalty programs are essential for maintaining their desired quality of travel. Without these rewards, 77% of travelers indicate that their travel behavior would undergo significant changes, including opting for different service providers, less expensive accommodations, less convenient travel methods, or even curtailing their trips.
Despite having the lowest business travel rate (7%) among the age groups surveyed, Baby Boomers remain the dominant force in leisure travel, with an impressive 93% planning trips for enjoyment. Millennials, on the other hand, lead the way in business travel (30%). Leisure travel is a priority for all age groups, with 79% of Gen X, 69% of Millennials, and 70% of Gen Z planning getaways.
Millennials (83%) are the most likely to be enrolled in a rewards program compared to their peers (75% for Gen Z, Gen X, and Baby Boomers). Their preferred rewards include airline miles (72%) and hotel points (67%).
The survey’s findings indicate a sustained increase in both personal and business travel, underscoring the significant value consumers place on rewards and loyalty programs. These programs play a crucial role in driving demand for domestic and international travel, as well as upgrades.
Barclays collaborated with independent market research firm Wakefield Research to conduct this survey among 1,000 US adult travelers between March 27 and April 3, 2024. Travelers were defined as those who had traveled by air within the past 12 months and were likely to travel again in the next 12 months.
