A new study from Expedia.com finds American adults are shifting away from saving for material items (such as clothes, jewelry and electronics) and focusing on travel instead.
Nearly three-fourths (74 percent) of U.S. respondents said they would prioritize spending spare change on experiences over products. This is especially true of millennials, with 65 percent currently saving money for travel costs. Nearly half of millennials stated they would sell their clothes or furniture if it meant they could travel more. Gen-Z respondents (71 percent) said they would find a part-time job to afford a leisure trip.
The study also found younger generations are heavily influenced by social media when making travel purchase decisions. More than one-third (36 percent) of Gen-Z respondents said they’ve chosen a travel destination because they saw it on social media. Nearly 20 percent said they have stayed at a specific hotel or visited a certain destination because they thought it would receive a positive response on social media.
“Insights into younger generations preferences are as good as a crystal ball, and currently their trends are pointing toward a great future for the travel space. Knowing what travelers of all ages prioritize is important, but the younger generations’ growing love for travel is what keeps us going as we prioritize customer centricity, offering the best deals and the convenience of booking everything at once, all in one place,” said Sarah Gavin, vice president, global communications, Expedia, Inc.
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