Excerpt from Bankrate
- Surveys show that, even though Generation Z adults may not have reached their peak earning years, they may be more willing to spend money on leisure travel than their Gen X and Baby boomer peers.
- Pent-up demand for travel caused by COVID-19 means that many Gen Zers are ponying up more cash than normal for their travel plans this year.
- Gen Z individuals still tend to be savvy when it comes to shopping for the best deal and using credit card rewards to pay for airfare and hotels (which may be why Gen Z has the least amount of credit card debt when compared to older generations).
Recent data underscores the fact that Gen Z travelers want to get out and explore, and that they’re willing to do so even if their finances aren’t exactly squared away. That said, the increased costs of travel may be pushing trips out of reach for some Gen Z adults who have high expenses or incomes on the lower end.
Key facts:
- 24 percent of Gen Z travelers planned to spend less on trips this year compared to last year due to economic concerns (Bankrate)
- 47 percent of Gen Z individuals who aren’t taking a summer vacation this year said it is because they can’t afford it (Bankrate)
- 61 percent of Gen Zers who took three or more leisure trips over the previous 12 months come from households with earnings below $50,000 annually (Morning Consult Pro)
- More than half (52 percent) of Gen Z adults are considered frequent travelers, meaning they take at least three leisure trips over the previous year (Morning Consult Pro)
- 43 percent of Gen Zers taking a summer vacation this year said they would visit the beach, while 32 percent said they would take a staycation (Bankrate)
Click here to read complete article at Bankrate.