New research from Collinson International, owner and operator of Priority Pass, has revealed the 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 of the more than 8,000 respondents, independently surveyed across 10 countries.
It found that consumers are craving personalised rewards and travel benefits built around lounge access at the core.
The global leader of airport experiences, loyalty and customer engagement solutions, has understood the need to evolve products to meet the evolving needs of people visiting its lounges as well as the objectives of the financial services companies that provide the benefit.
As a response to this it has introduced specialist gaming lounges, sleep and wellness focused lounges as well as numerous food and beverage options within the airport.
The research it conducts helps the firm to make further decisions for its customers.
Its most recent research found that 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.
While 62% of consumers expressed the likelihood of switching cards if they lose access to these exclusive benefits. This is because it plays a “crucial role in fostering loyalty”.
61% report that benefits, including lounge access, encourage them to use their payment card more regularly, highlighting the tangible impact that personalised rewards have on consumer behaviour.
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.
The survey also revealed that 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.
This indentifies 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.
Chris Ross, president of EMEA of Collinson International, said: “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.
“We understand the importance and complexity of payment card loyalty and its key role in driving customer engagement,” he said.
“We work to create meaningful travel experiences that enhance and elevate the overall journey. Our strategic reward and benefit programmes help card issuers to engage and retain their customers.
“As the battle of the benefits rages on, we remain at the forefront, shaping the future of travel experiences to build the world’s most valued travel ecosystem.”
