As consumers get back to the office amid persisting COVID variants, survey findings say they’re also ready to get out and about for some fun.
According to new consumer survey research conducted by Bread Financial, the tech-forward financial services company that provides payment, lending, and savings solutions, 43 percent of consumers plan to spend money on outdoor recreational activities while compared to last year 59 percent plan to spend more money on domestic travel and 62 percent said they would spend more on international travel.
After domestic and international travel, consumers reported they planned to spend more money this summer on concerts (55 percent), weddings and other large gatherings (52 percent), outdoor recreational activities (51 percent), and sporting events (50 percent).
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Notably, as consumers plan outings for Spring and Summer months, 56 percent also said they plan to spend money on clothing.
With all of this planned spending, consumers revealed they plan to use everything from credit and crypto to buy now, pay later (BNPL) options to fund activities. A majority of respondents plan to use cash and debit (69 percent) and credit (50 percent) with 38 percent planning to use other forms of payment including BNPL, installments, cash back or rewards points, or cryptocurrency to pay for upcoming activities.
Particularly for Gen Z and Millennial consumers, survey findings indicated financing at check-out would drive more spring and summer activities. In fact, 55 percent of respondents reported they would do more activities like traveling, going to concerts and attending sporting events if BNPL were offered — the sentiment was higher for Gen Z at 65 percent and 70 percent for Millennials.
“Our survey uncovered a strong desire from consumers for choice in their payment options, from credit cards and reward points to buy now, pay later and installment lending, as they get back to engaging and spending on fun activities and experiences,” said Val Greer, chief commercial officer at Bread Financial. “Consumers want to be able to fund that long-awaited cross-country trip or destination wedding or night out at the ballpark without having to wait for the ability to pay for it all upfront.”
Still, the study found that affording travel costs up-front remains a challenge for most consumers and 27 percent of respondents said they have already turned down an upcoming summer activity because they couldn’t afford it. Younger generations that are determined to get out for travel said they would be willing to get a little creative to afford a trip. For two in five Millennials and Gen Z respondents, this includes being willing to pick up side gigs — like working for Uber or Doordash — in vacation destinations to offset costs, while another 30 percent of Millennials and 24 percent of Gen Z said they are ready to take on providing labor to worksites like farms and ranches.
Meanwhile, to provide consumers with access to more financial flexibility that will help to “unlock new opportunities and [allow consumers to] live their best lives,” Bread Financial has announced a new Bread Cashback credit card with American Express.
“When we rebranded to Bread Financial in March, we made a promise to our customers to focus on delivering innovative payment, lending and saving solutions they need at each and every stage of their financial journeys,” Greer said. “The launch of the new Bread Cashback American Express Card demonstrates we are delivering on this promise, offering consumers more purchase choice, access and flexibility to buy the way they want — with the ability to earn cash back while they do it.”
The card offers users 2 percent cash back with no reward caps and no categories to manage along with no annual fees or foreign transaction fees. The card members will also have access to premium American Express offers and benefits.
“We’re excited to be partnering with Bread Financial to offer their customers a new leading cash back product backed by the American Express Network with compelling value, rewards, and services,” said Will Stredwick, senior vice president and general manager, global network services at American Express. “This partnership expands and extends the backing of the American Express network to more people, providing important card protections, offers and access they expect from American Express.”
The Bread Cashback American Express card will join Bread Financial’s existing suite of personalized solutions including Bread Pay, the company’s BNPL solution, and Bread Savings. By adding the American Express card, the company aims to give consumers at every stage of financials the access to solutions that fit their personal payment and savings needs.
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