In anticipation of the bustling Fourth of July holiday travel week, Barclays US Consumer Bank is sharing a sneak peek of its upcoming points, loyalty, and travel report, set to be released in August 2023. The findings underscore the significance of miles and points in enabling consumers to pursue their travel aspirations, particularly in the current challenging economic climate.
Importance of Miles and Points for Travelers
The excerpt from Barclays’ points, loyalty, and travel report sheds light on the pivotal role that miles and points play in facilitating travel for consumers. The report draws insights from a survey conducted by Wakefield Research, involving 1,000 adult travelers in the United States between May 19 and May 27, 2023. The term “travelers” refers to individuals who have traveled by air within the past 12 months and are likely to embark on future trips within the next 12 months.
Key Findings from the Report
The survey reveals compelling statistics that highlight the significance of loyalty and rewards programs for travelers:
- Enabling Travel: An overwhelming 76% of loyalty and rewards program members express that they couldn’t fathom embarking on their desired trips without the benefits provided by such programs. The accumulation of miles and points makes travel aspirations attainable for these individuals.
- Prioritizing Rewards: When it comes to travel, 44% of travelers prioritize earning the most travel rewards over securing the lowest price. This emphasis on accumulating rewards showcases the value travelers place on loyalty programs in their pursuit of fulfilling travel experiences.
- Factors in Times of Uncertainty: During periods of economic uncertainty, travelers prioritize specific factors related to loyalty and rewards programs. Key considerations include lower fees (52%), flexibility in redeeming miles and points (47%), and the ability to earn more miles and points (46%). These elements offer travelers a sense of financial security and flexibility in their travel plans.
- Sustained Focus on Rewards: Despite the disruptions caused by the COVID-19 pandemic, the survey indicates that 36% of travelers are now even more focused on accumulating rewards compared to pre-pandemic times. Additionally, 39% of travelers maintain the same level of focus on rewards accumulation. These findings suggest the enduring appeal and importance of loyalty programs for travelers.
Insights from the Collaborative Research
Barclays collaborated with independent market research company Wakefield Research to gain insights into travelers’ attitudes, sentiments, and behaviors concerning travel loyalty and rewards programs. The comprehensive survey, conducted from May 19 to May 27, 2023, captures the perspectives of 1,000 adult travelers in the United States. The definition of “travelers” encompasses individuals who have taken air travel within the past 12 months and have plans for future trips within the next 12 months.
Stay tuned for Barclays’ points, loyalty, and travel report in August 2023, where more detailed insights and analysis on the subject will be available.
