New research from Collinson International, owner and operator of Priority Pass, uncovered the true power of consumer preference towards travel-related rewards from their credit card provider. The importance of airport lounge access was a key decision-making factor for nearly half.
This latest round of independently administered research surveyed over 8,000 people across 10 countries. It revealed a powerful truth, consumers are craving personalized rewards and travel benefits built around lounge access at the core. This is not just data, it’s an indicator of the path to greater customer satisfaction. At Collinson International, as a global leader in airport experiences, loyalty and customer engagement solutions, we understand the need to evolve our products to meet both the evolving needs of people visiting our lounges as well as the objectives of the financial services companies that provide the benefit. Part of this evolution has seen the introduction of specialist gaming lounges, sleep and wellness-focused lounges as well as numerous food and beverage options within the airport.
As industry leaders, we recognize the evolving demands within the travel and payment card sectors. Our insights reveal the critical trends that will shape the future of these valuable benefits that form the core of many card schemes.
Benefits over reputation: 84% of consumers prioritise the rewards and benefits package offered by a payment card or bank account over the reputation of the issuer. This insight underscores the pivotal role benefits play in shaping consumer decisions.
Loyalty and retention: 62% of consumers expressed the likelihood of switching cards if they lose access to these exclusive benefits. This plays a crucial role in fostering loyalty.
Consumer behaviour: 61% report that benefits, including lounge access, encourage them to use their payment card more regularly, highlighting the tangible impact that personalized rewards have on consumer behaviour.
Customer acquisition: Almost half of consumers revealed that their decision to sign up for a payment card was highly influenced by the inclusion of airport lounge access as a benefit. The right travel benefits not only enhance the cardholder's experience and preference but also influences potential future customers’ choice of card provider.
Customisation preferences: Half of consumers revealed that when given the opportunity to customise the benefits of their payment card they would choose access to airport lounges with up to 5 other travel-related benefits. This type of insight helps build the future product offering for Priority Pass.
Evolving nature of lounge access: The study identifies a shift in the importance of lounge access, with the ability to provide guest access and guarantee access becoming crucial. 57% of consumers express interest in paying a fee to bring a guest, while 52% express interest in pre-booking to guarantee access during peak times.
"Our research shows the continued importance of travel rewards as a key benefit that keep customers engaged, spending, and loyal to their payment card provider. To remain competitive and build loyalty, we partner with our clients to evolve these benefits to meet the changing needs of customers. At Collinson International we do this through a combination of strategic investments, collaboration, and innovation to offer greater choice and flexibility."
"Our research shows the continued importance of travel rewards as a key benefit that keeps customers engaged, spending, and loyal to their payment card provider. To remain competitive and build loyalty, we partner with our clients to evolve these benefits to meet the changing needs of customers. At Collinson International, we do this through a combination of strategic investments, collaboration, and innovation to offer greater choice and flexibility."
Chris Ross, President of EMEA, Collinson International
