- Travel rewards help fund trips.
- It covers 40 percent of costs.
- Younger travelers save more.
“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,” said Laurie Blair, Hyatt senior vice president of global marketing and loyalty.
Respondents estimated that travel rewards cover an average of 40 percent of the cost of a typical vacation. The reliance was higher among younger travelers, with Gen Z respondents estimating that rewards cover about 50 percent of typical vacation costs and millennials at 44 percent, compared with 33 percent for Gen X and 23 percent for baby boomers.
Rewards mainly helped travelers by offsetting travel costs, cited by 30 percent of respondents and motivating them to plan future trips, cited by 27 percent. At the same time, 19 percent described rewards programs as complicated, while 18 percent found them time-consuming to manage.
Planning a trip was another source of stress. More than four in 10 respondents said they had given up on planning a trip because the process felt too overwhelming. Nearly half of respondents or 48 percent, said they had delayed booking a trip because they were worried a better deal might become available. Another 44 percent said they had skipped a trip for the same reason.
Despite financial pressure, Americans continue to travel. Nearly 90 percent of respondents said vacations are essential to their mental health, while 85 percent said vacations help them avoid burnout. Limited finances were the biggest barrier to traveling more, cited by 43 percent of respondents. Difficulty taking time off work was the second-largest barrier, cited by 26 percent.
A separate Booking.com survey found that travelers are willing to make financial trade-offs to pay for trips.
