Travel rose this summer despite ongoing economic uncertainty and inflationary pressures. With the rolling back of pandemic-related restrictions, consumers got their feet wet in 2022, and this year, they dove in completely.
PYMNTS’ data finds that consumers planned to travel just as much or more this summer than last. Close to two-thirds of consumers planned to travel this summer, while nearly one-third expected to travel more this summer compared to last. Younger generations were especially interested in traveling, with 7 in 10 Generation Z and millennial consumers reporting they made or planned to make summer travel plans.
However, personal finance considerations strongly influenced consumers’ travel decisions this summer. Among consumers who planned to travel more, 42% cited improved personal finances or increased job security as a factor driving this decision. High travel costs and concerns about personal finance and job stability were the most commonly cited reasons for their reluctance to travel as much as they did last summer.
Our data also shows that credit cards remain the most popular type of credit product consumers used to pay for leisure travel, with two-thirds of consumers who traveled or planned to travel this summer using cards to pay for the expense. Moreover, consumer use of credit cards in paying for summer travel increases with annual income yet varies by age group, as younger consumers opt for other credit products, such as buy now, pay later (BNPL). Among the consumers who choose not to use credit products to pay for travel, debit cards and cash are popular alternatives. These consumers opted for other payment methods to avoid interest rates or fees, track their spending more easily and rein in overspending.
The Credit Economy: How Consumers Financed Their Summer Travel, a PYMNTS and i2c collaboration, examines consumer behaviors and attitudes related to spending on summer travel. We surveyed 3,389 consumers between June 26 and June 30 to explore what drives consumer interest in using credit cards and BNPL to pay for travel across generations.
Travel rose this summer despite ongoing economic uncertainty and inflationary pressures. With the rolling back of pandemic-related restrictions, consumers got their feet wet in 2022, and this year, they dove in completely.
PYMNTS’ data finds that consumers planned to travel just as much or more this summer than last. Close to two-thirds of consumers planned to travel this summer, while nearly one-third expected to travel more this summer compared to last. Younger generations were especially interested in traveling, with 7 in 10 Generation Z and millennial consumers reporting they made or planned to make summer travel plans.
However, personal finance considerations strongly influenced consumers’ travel decisions this summer. Among consumers who planned to travel more, 42% cited improved personal finances or increased job security as a factor driving this decision. High travel costs and concerns about personal finance and job stability were the most commonly cited reasons for their reluctance to travel as much as they did last summer.
Our data also shows that credit cards remain the most popular type of credit product consumers used to pay for leisure travel, with two-thirds of consumers who traveled or planned to travel this summer using cards to pay for the expense. Moreover, consumer use of credit cards in paying for summer travel increases with annual income yet varies by age group, as younger consumers opt for other credit products, such as buy now, pay later (BNPL). Among the consumers who choose not to use credit products to pay for travel, debit cards and cash are popular alternatives. These consumers opted for other payment methods to avoid interest rates or fees, track their spending more easily and rein in overspending.
The Credit Economy: How Consumers Financed Their Summer Travel, a PYMNTS and i2c collaboration, examines consumer behaviors and attitudes related to spending on summer travel. We surveyed 3,389 consumers between June 26 and June 30 to explore what drives consumer interest in using credit cards and BNPL to pay for travel across generations.
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