How valuable are reward points when traveling and how much could they cover for your next big trip?
These days, seven in 10 Americans say they feel pressure to make every trip they take “worth the money.”That’s according to a new survey of 2,000 Americans that World of Hyatt commissioned with Talker Research, which found that travelers are getting creative to navigate tight budgets and rising costs in order to take trips, with travel rewards increasingly making the difference.The study revealed that as travelers juggle budget pressure, more than half (51%) have previously taken a trip that wouldn’t have been possible without travel rewards, while nearly three-quarters (74%) also said rewards make travel spending feel more worthwhile.And despite financial pressures, Americans aren’t willing to give up vacations altogether.The survey results show nearly everyone agreed that taking vacations is essential for their mental health (90%) and to avoid burnout (85%).But even still, affordability remains a challenge.
When asked about the biggest barriers to traveling more, respondents cited limited finances (43%) and difficulty taking time off work (26%) as the top obstacles.“This research shows that travelers aren’t losing their desire to explore; they’re looking for smarter ways to make it happen,” says Laurie Blair, senior vice president of global marketing and loyalty, Hyatt.“When half of survey respondents shared that they were only able to take a trip because of travel rewards, it’s clear loyalty programs play an important role in making travel more attainable.”That reliance on travel rewards is even more pronounced among younger travelers.
More than eight in 10 Gen Z travelers (84%) and over three-quarters of millennials (77%) said using travel rewards makes travel spending feel more worthwhile, compared to 68% of Gen X and 58% of baby boomers.Respondents also estimated that, on average, travel rewards pay for an astounding 40% of the cost of a typical vacation, with Gen Z (50%) and millennials (44%) relying on rewards more heavily to cover ...