Finty.com, a comparison website, has released a new study that reveals the “revenge-travel” phenomenon as the driving force behind the increase in credit card searches by Canadian consumers.
According to their analysis of 100 credit card keywords with high volume, there is a post-pandemic surge of consumer interest in credit cards that offer travel benefits.
The number of credit card searches for travel-related themes has returned to pre-pandemic levels after plummeting during the pandemic. This indicates the consumer’s desire and need to travel.
The search for “best Aeroplan credit cards” has grown 700% YoY. Aeroplan credit cards have become popular in Canada because they allow consumers to earn points for the Aeroplan rewards program.
The report found that the search volume for general money saving keywords increased by 20-30% between 2021 and 2022, coinciding to the increase in cost of living.
The revenge travel trend has been a real success in Canada after two years of travel restrictions. Travel credit cards help consumers make up for lost time, according to David Boyd MD at Finty.
Revenge travel is a trend that consumers are taking to travel in a frenzied manner after being confined to home for most of the pandemic. Consumers can now travel to visit family and friends and attend events.
The report paints an image of travel’s resurgence but also hints at a worrying tendency: consumers could be using credit cards to cover the gap in the cost of living as it rises.
The global supply chain crisis is well documented and has caused the Canadian inflation rate to reach 8.1% by June 2022.
Boyd believes that Canadian consumers may be using credit cards more, or considering getting one to have some extra cushion should the cost-of-living continue to rise: “Our analysis shows cost-conscious consumers using cash-back credit cards and interest free deals to reduce the cost-of-living.”
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