Most Valuable Travel Rewards In 2024

26.05.2024 - 09:57 / forbes.com

Among the myriad of travel perks that can help you save money or enjoy complimentary upgrades, loyalty program membership stands out as a significant one. The second annual Barclays US Consumer Bank’s Travel Rewards and Loyalty Reports delve deep into the loyalty programs and benefits that are most frequently used by travelers, shedding light on their importance in the travel landscape.

Of the 1,000 US travelers surveyed by Wakefield Research, 77% report currently belonging to a travel loyalty program of some kind. These respondents report flying by air at least once in the last 12 months and intend to travel again during the next 12 months. Additionally, 89% of respondents indicate being a loyalty member at some point.

The program types include:

Roughly 51% join to earn airline rewards, 43% for hotel rewards, and 30% for booking sites. Cruises and car rentals are the smallest programs as they tend to have fewer travel opportunities.

Of the travelers currently enrolled in loyalty programs, 76% cannot imagine taking the caliber of trips they currently do without the benefits. Not having the rewards can mean having to switch travel providers, opt for more affordable accommodations, reduce the trip length, or book a less convenient travel method.

Millennials are most likely to enroll in loyalty programs with an 83% enrollment rate versus a 75% average for Gen X, Gen Z, and Baby Boomers. Further, Millennials are more likely to travel this year.

As travel loyalty programs are so prolific and offer plenty of value for most members, 77% of respondents anticipate traveling more in 2024 than in 2023. Specifically, 79% are leisure trips and 21% are business-related.

With that in mind, below are the most wanted benefits (ranked by highest demand):

Travel points are the most valuable benefit of being a loyalty program member or by using a particular credit card rewards program. While points have multiple redemption options, respondents plan on using 65% for flights and 54% for hotels.

Unsurprisingly, airline miles are deemed the most valuable type of travel point. Eighty-nine percent of travelers report that points are essential to their preferred travel style.

Below is the extent to which travel rewards support award travel:

Airline and hotel points typically provide the most value. They can also be the easiest to earn or redeem as there are numerous travel options for domestic and international trips.

The majority of respondents (72%) will be using their travel rewards for travel within the United States this year, although international travel is increasing. Europe (29%), the Caribbean (23%), and Canada or Mexico (22%) or the most popular foreign destinations.

Travel points are the most valuable perk, but