Credit Cards Are the Preferred Method of Payment for Vacationers, but
Many Don’t Cash in on Opportunities to Earn and Redeem Rewards
RIVERWOODS, Ill.--(BUSINESS WIRE)--
As summer vacation season approaches, a new survey from Discover found
that for the 58 percent of those who intend to take a summer trip, where
they go, how they pay and what they do while on vacation may be a factor
of their age.
The national survey of 1,100 U.S. adults ages 18 and over found that
travel preferences vary from generation to generation. Members of
generation Z, ages 18-21, are looking for an adrenaline rush on their
next vacation, with 30 percent saying adventure is their top travel
priority, compared to 8 percent of millennials, ages 22-37; 10 percent
of generation X, ages 38-53; 7 percent of baby boomers, ages 54-72; and
9 percent of the silent generation, ages 73 and up.
For millennials who are planning a summer vacation, spending time with
friends and family is their highest priority at 28 percent, while
relaxation is the main driver for generation X at 34 percent. Baby
boomers and the silent generation say spending time with friends and
family—36 percent and 46 percent, respectively—matters most. Exploring a
new city or destination tops the list for 24 percent of all respondents.
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Of the following, what do you want MOST when it comes to your
next trip or vacation?
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Age Groups
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Total
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Gen Z
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Millennials
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Gen X
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Boomers
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Silent Gen
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Relaxation
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27%
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14%
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24%
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34%
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30%
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12%
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Adventure
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10%
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30%
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8%
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10%
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7%
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9%
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To explore a new city/destination
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24%
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22%
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26%
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23%
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22%
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27%
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An exciting nightlife
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2%
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2%
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2%
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3%
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1%
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-
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Practice my passion (e.g., photography, yoga)
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2%
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-
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4%
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1%
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3%
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2%
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A volunteer/social purpose
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1%
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-
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4%
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-
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-
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-
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Spend time with friends and family
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30%
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22%
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28%
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24%
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36%
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46%
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Other
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3%
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9%
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4%
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3%
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1%
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5%
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Beach Is Best, unless You’re Older
Most of those planning a summer vacation want to feel the sand between
their toes, as 26 percent of all respondents said the beach is their
preferred destination. However, many older respondents would trade their
beach chairs for the open road or sea, as a higher percentage of baby
boomers, 27 percent, picked a road trip as their preferred vacation, and
a cruise was the most popular choice among the silent generation at 29
percent.
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If you had to choose from the following, what would your MOST
preferred type of trip or vacation be?
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Age Groups
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Total
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Gen Z
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Millennials
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Gen X
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Boomers
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Silent Gen
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A road trip
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16%
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8%
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11%
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11%
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27%
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19%
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A cruise
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11%
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13%
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6%
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10%
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11%
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29%
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An outdoor adventure (e.g., camping, national park visit)
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13%
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13%
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14%
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13%
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14%
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9%
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A beach vacation
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26%
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22%
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30%
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31%
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21%
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22%
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An urban/big city vacation
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11%
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11%
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17%
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15%
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5%
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5%
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A lake house vacation
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10%
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8%
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11%
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8%
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11%
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10%
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A "staycation"
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6%
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8%
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7%
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8%
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4%
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3%
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Other
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7%
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16%
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4%
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5%
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8%
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5%
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Youngest Travelers Prefer to Pay with Cash
Those planning a summer trip say credit cards are the preferred way to
pay while on vacation at 46 percent, according to the survey, followed
by 25 percent who favor paying with debit cards, 24 percent with cash
and 3 percent with checks or traveler’s checks. However, payment
preferences vary by generation. Cash is the preferred payment method
while on vacation for generation Z at 35 percent. On the other end of
the age spectrum, 60 percent of baby boomers and 68 percent of the
silent generation favor paying with credit cards.
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What is your MOST preferred method of payment while on a trip
or vacation?
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Age Groups
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Total
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Gen Z
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Millennials
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Gen X
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Boomers
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Silent Gen
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Cash
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24%
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35%
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27%
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27%
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16%
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18%
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Credit card
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46%
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16%
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41%
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38%
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60%
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68%
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Debit card
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25%
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33%
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25%
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29%
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22%
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10%
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Checks/traveler’s checks
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3%
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8%
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5%
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2%
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2%
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4%
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Other
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2%
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8%
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2%
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4%
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-
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-
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Despite the preference for paying with credit cards while on vacation,
30 percent of those planning a summer trip say they do not have a credit
card that earns rewards. More than a quarter, 26 percent, say they don’t
redeem their credit card rewards for vacation-related expenses,
including 32 percent of baby boomers and 51 percent of the silent
generation—the generations that said they use credit cards the most
while on vacation.
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How often, if ever, do you redeem credit card points/rewards
for trip or vacation-related expenses?
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Age Groups
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Total
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Gen Z
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Millennials
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Gen X
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Boomers
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Silent Gen
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Never, I use my points/rewards for other purposes
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26%
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23%
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22%
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18%
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32%
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51%
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Less than once a year
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20%
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26%
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21%
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18%
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19%
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15%
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Once a year
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15%
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10%
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16%
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17%
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14%
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8%
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2 to 3 times per year
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7%
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-
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8%
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8%
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9%
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2%
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4 or more times per year
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3%
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2%
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4%
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3%
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2%
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2%
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Not applicable - I do not have a points/rewards credit card
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30%
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40%
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29%
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37%
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24%
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23%
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“This survey shows that there is no one-size-fits-all summer vacation
regardless of your age or preference for travel,” said Emina Dautovic,
senior marketing manager at Discover. “Wherever your summer travel takes
you, there’s an opportunity to earn rewards on travel-related and
everyday purchases by using a travel credit card. From airfare and
hotels to gas and groceries, the rewards you earn can be put toward the
cost of your next vacation.”
The Discover it® Miles travel credit card
features no annual fee1, unlimited 1.5 Miles for every dollar
spent on all purchases, a match of all the Miles cardmembers earn at the
end of their first year2, plus no blackout dates—cardmembers
just buy their tickets and use their Miles to credit their statement.
For more information go to www.discover.com/credit-cards/travel.
About the Survey
All figures, unless otherwise stated, are from YouGov Plc. Total sample
size was 1,110 adults. Fieldwork was undertaken from April 26-27, 2018.
The survey was carried out online. The figures have been weighted and
are representative of all U.S. adults (aged 18+). The maximum margin of
sampling error was ±3 percentage points with a 95 percent level of
confidence.
About Discover
Discover Financial Services (NYSE: DFS) is a direct banking and payment
services company with one of the most recognized brands in U.S.
financial services. Since its inception in 1986, the company has become
one of the largest card issuers in the United States. The company issues
the Discover card, America's cash rewards pioneer, and offers private
student loans, personal loans, home equity loans, checking and savings
accounts and certificates of deposit through its direct banking
business. It operates the Discover Global Network comprised of Discover
Network, with millions of merchant and cash access locations; PULSE, one
of the nation's leading ATM/debit networks; and Diners Club
International, a global payments network with acceptance in 190
countries and territories. For more information, visit www.discover.com/company.
1Discover it® Miles: Intro purchase APR is 0% for
14 months; then the standard purchase APR applies. Intro Balance
Transfer APR is 10.99% for 14 months; then the standard purchase APR
applies. Standard Purchase APR: 13.49% to 24.49% variable. Cash APR:
26.49% variable. Call 1-800-DISCOVER for details about credit costs and
terms.
2Discover Match®: Only from Discover, as of March
2018. No purchase minimums. After the first 12 consecutive billing
periods that your new account is open, we will match all the Miles
you've earned and apply them to your account in the following one or two
billing periods. If your account is closed or no longer in the Miles
reward program at the time we calculate your potential award, your Miles
will not be matched. You've earned Miles rewards when they have posted
to your account by the end of the 12th consecutive billing period. This
promotional offer may not be offered in the future. This exclusive offer
is available only to new cardmembers.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20180521005240/en/
Discover
Jeremy Borling
224-405-4252
jeremyborling@discover.com
Follow
us: @Discover_News
Source: Discover Financial Services