Still, for many, high gas prices and inflation are cramping travel plans. Planning a vacation in the next six months Planned a vacation in the past six months There is a big opportunity for savvy cardholders to earn rewards on purchases they are already making by using a card like Autograph, which offers unlimited 3X rewards points on top spending categories including at gas stations – a great incentive amid the current gas prices.”ĥ8% of Americans planned a vacation in the past six months and 63% are planning a vacation in the next six months “It starts with listening to our customers to develop products that align with their lifestyles, and right now many are looking for ways to make the most of their everyday purchases. “Our customers tend to focus on rewards as a top credit card preference, and that’s one reason we’re expanding our consumer portfolio to include more competitive rewards offerings – like the new Autograph Card,” Phillips said. A quarter (24%) of rewards cardholders used travel rewards to subsidize a vacation this year. Two-thirds (64%) of respondents said they are cutting back on air travel because it is too expensive while some (45%) are cutting back on air travel because of COVID concerns. Two-thirds (66%) say they prefer good old-fashioned road trips over flying with about a third (31%) planning an automobile trip in the next six months, compared to 22% who are planning to fly. For many (44%) the urge to travel has returned with a vengeance, with a third (34%) reporting that they are planning to “go big” on their next trip.Īmericans are mostly vacationing by car.
The study revealed that Americans are planning vacations, although over half (57%) report a “love-hate” relationship with travel these days. The national online survey of 2,008 adults was conducted by Ipsos on behalf of Wells Fargo June 27-28, 2022. “The survey data underscores the significance of rising inflation and supply chain issues, and how American consumers have been affected in so many ways-not only their summer vacation plans but also with everyday purchases,” said Krista Phillips, EVP, head of Branded Cards and Marketing for Wells Fargo Credit Cards.
What’s more, two-thirds of rewards cardholders (65%) say they care about credit card rewards now more than ever. With 92% of Americans concerned about rising inflation (59% very concerned, 33% somewhat concerned), nearly half of rewards cardholders (49%) are leaning on their credit card rewards to help offset some of the costs of everyday purchases.Īlmost three quarters (71%) of Americans have a credit card that offers rewards, and 45% of rewards cardholders say their credit card usage increased during the pandemic. SAN FRANCISCO-( BUSINESS WIRE)-Amid concerns about rising inflation, many Americans find credit card rewards useful in helping to ease inflation woes, a Wells Fargo study reveals.
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