I retired from my business travel job and now only travel for leisure, and almost always book hotels using points accrued with CC spend from my new business. Prior to the devaluation, I put almost all my spend on my Hilton Surpass card. Now that a quick weekend night in NYC is 160K points rather than 80-100K, I find the return on my cc spend with Hilton is diminished drastically. I have since gotten SPG cards and a Carlson card, and also am putting more spend on my CSP card.

Going forward I will redeem based on a city by city analysis of hotels and what point redemption level is attractive. Just returned from a pleasant stay in London at a Radisson Blu (2 nights for 50K). I may stay at Hyatt for upcoming trip by transferring CSP points. So for me the devaluation has caused me to shift my credit card spend and spread out my stays.