In a world that’s moving faster than ever, a powerful shift is underway. Consumers aren’t chasing more — they’re seeking meaning and connection. New Mastercard research shows that nearly three-quarters of cardholders feel their best when spending time on what truly fulfills them: shared experiences, personal passions and time with people who matter most.
People are changing how they live – and, by extension, changing how they spend. This is true for all demographics, but particularly among the top 30% of earners, who spend more than twice the average cardholder, according to Mastercard data.
The challenge for banks is to attract and retain those customers with resilient spending habits but high expectations.
The solution, says Bunita Sawhney, Mastercard’s chief consumer product officer: Rewards that are unique, personalized and unforgettable.
That might mean exclusive ticket access, including presales to tickets for major events like a hot Broadway premiere. Or it might mean unlocking reservations at the world’s best restaurants, complete with special menus. And it also requires travel that is seamless and luxurious, including services such as fast-track lanes or exclusive lounges, she says.
After all, what’s most critical to these high earners is their time. Research demonstrates that they value it dearly and will champion any service or product offering the best possible use of that time.
“Keep in mind consumers don’t just want bespoke opportunities for themselves — they want to experience them with their friends and family,” she says. “For higher-earning cardholders, offer them moments that are close to their hearts, along with the ability to share those experiences with loved ones, and you have a customer for life. Therein lies the opportunity and the challenge for financial institutions looking to build long-term relationships with their best customers.”
That’s where The Mastercard Collection comes in. It’s a new suite of benefits for users of World, World Elite and the newly created World Legend cards, taking the concept of card benefits to new heights. It’s all about “experiential luxury” — rewards that hit four key categories: personalized, immersive, memory-making and accessible.
Citi is the first bank to issue a World Legend card as its new Citi Strata Elite premium offering, which also includes other premium benefits, from 12x points on hotels, cars rentals and attractions booked on the Citi Travel platform, 6x points at restaurants every Friday and Saturday from 6 p.m to 6 a.m., and nearly $1,500 per year in travel and entertainment benefits.
That’s on top of Mastercard Collection benefits, which were curated with this insight in mind: Affluent consumers are especially moved by “bucket list” life moments.
For example, Mastercard leverages its unique partnerships with organizations, from McLaren Racing to the UEFA Champions League, who can offer exclusive behind-the-scenes access. Banks also have ample space to develop their own customized offerings, making sure your interests align with theirs. After all, affluent customers — Gen Z in particular — are loyal to the brands that reflect their values.
In short, next-generation rewards are not about commodities anymore, much less status or individualism. They are about creating singular moments to share with friends and family, offerings that go above and beyond.
