A new study from the comparison website Finty.com reveals how the “revenge travel” phenomenon is driving the recovery in credit card search activity by Canadian consumers.
Based on their analysis of 100 high-volume credit card-related keywords, there has been a post-pandemic surge in consumer interest for credit cards with travel benefits.
According to Finty:
- Credit card searches with a travel theme have rebounded to pre-pandemic levels, having plummeted during the pandemic years, indicating the consumer’s desire to travel.
- Searches for the “best Aeroplan credit card” has experienced 700% YoY growth. Aeroplan credit cards are popular in Canada since they let consumers earn points in the Aeroplan rewards program.
- Search volume for general money-saving keywords included in the report increased 20-30% in 2022 compared to 2021, coinciding with the increased cost of living.
“After two years of travel restrictions, the revenge travel trend is well and truly alive in Canada. Consumers want to make up for the lost time and travel credit cards are helping to fast-track that,” said David Boyd, MD at Finty.
Revenge travel speaks to the trend for consumers to binge travel, having been confined to their own homes for much of the pandemic. With international borders reopening, consumers can now travel, visit family and friends, and attend events.
Although their report paints a clear image of travel’s resurgence, it hints at a worrying trend: consumers may be using credit cards to close the gap as the cost of living rises.
Canada’s inflation rate reached 8.1% in June 2022 due to the well-documented global supply chain crisis.
Boyd thinks Canadian consumers might be using their credit cards more or considering getting one, so they have some extra padding should the cost of living keep going up: “Our analysis shows that cost-conscious consumers are using cash back credit cards and interest-free deals to cut the cost of living.”