NYC Neighborhood Hudson Yards Announces Partnership With Mastercard
Hudson Yards, a neighborhood in New York City, has announced a new collaboration with Mastercard, designating it as an official partner of the area.
Known for its restaurants, retail brands and cultural institutions, Hudson Yards attracts millions of visitors each year. This multiyear partnership further solidifies Mastercard’s brand presence in the region, Mastercard said in a Wednesday (Jan. 10) press release.
Through this partnership, Mastercard cardholders get exclusive access to marquee events and destinations at Hudson Yards. These include the Summer Concert Series, the “Sip and Shop Night” during the holiday season, and Edge, the highest outdoor sky deck in the Western Hemisphere, according to the release. Additionally, cardholders can enjoy reservations and special events at Hudson Yards’ restaurants.
“We’ve been privileged to work, play and partner in New York City for decades,” Raja Rajamannar, Mastercard’s chief marketing and communications officer, said. “Through our latest partnership — with the incredible Hudson Yards — we’re bringing the best of New York City, and the best of Mastercard, to more people in more ways.”
The partnership comes as Americans have been choosing to travel over padding their savings, despite the economic uncertainty of 2023.
That’s according to “The Credit Economy: How Consumers Financed Their Summer Travel,” a study by PYMNTS Intelligence and i2c that found that the number of leisure travelers increased by 22% compared to 2022.
The growth was driven by Generation X and millennials, who account for about 31% and 28% of this expenditure, respectively.
The study also found that both high earners and paycheck-to-paycheck consumers have been spending on leisure travel, according to separate research conducted by PYMNTS Intelligence and LendingClub.
To pay for their travel expenses, baby boomers and seniors typically use credit cards. On the other hand, younger generations are more likely to choose other credit options instead of credit cards, with some reporting that they incurred debt to pay for their summer vacation.
Around 30% of millennial and Generation Z consumers utilized buy now, pay later options for their summer travel, compared to only 5% of baby boomers and seniors.
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