05/10/2024: Ohio's Travel Industry and Current Travel Research

LOYALTY PROGRAMS ARE IMPORTANT FOR CREDIT CARD USERS WHO TRAVEL

Key findings from iSeatz:

Credit cards significantly influence consumer behavior and travel spending due to their link to how consumers pay for their travel.
49% of consumers said saving money on travel is what they value most from their loyalty programs.
With the demand for travel increasing, credit card and banking rewards programs have a market ready to spend on travel.
Travel rewards often have a higher reward value per dollar spent and come with additional benefits like free checked bags.
76% of the cards in the analysis now offer point redemption or a statement credit for tours and activities, an increase of more than 20 percentage points over 2023. Six new cards began providing this benefit, and 60% of the cards now offer this benefit for live events.
29% of Millennials would spend up to 5% more on travel to preserve their status or receive bonus benefits compared to just 8% of Silent Generation respondents and the 25% survey average.
26% of Gen Zers would spend between 6% and 10% more, while only 15% of Boomers said the same.