Millennial and Gen-Z consumers are saving for worthy splurges and willing to spend more on once-in-a-lifetime experiences
American Express released the Amex Trendex Millennial and Gen-Z Summer Spotlight Report1 today. Based on survey data of U.S. Millennial and Gen-Z consumers, the report found that younger generations want to spend on epic trips and experiences so they can enjoy the present but are also saving for the future and making financial goals.
- Experiences Reign Supreme: From concerts to sporting events to dating, experiences are a priority for Millennials and Gen-Z this summer
- Committed Travelers: Millennials and Gen-Z are eager to travel and plan to use “travel hacks” to make the most of money spent on travel
- Money Minded: Millennials and Gen-Z are saving for the future and focused on their financial goals
Experiences Reign Supreme
- A majority of Millennial and Gen-Z respondents (87%) agree they would be willing to spend more money on once-in-a-lifetime experiences
- Almost two-thirds (65%) of Millennial and Gen-Z consumers surveyed have been saving money over the past six months to pay for the experiences they’ll attend this summer
- Nearly two-thirds (61%) of Millennial and Gen-Z respondents would rather treat themselves to a special experience over a material possession (32%)
- 58% of Millennial and Gen-Z respondents are spending more or the same amount of money on dating compared to pre-pandemic
- Millennial and Gen-Z respondents are willing to spend an average of about $420 on dating this summer
Committed Travelers
- 69% of Millennial and Gen-Z respondents plan to travel this summer
- Three-quarters (75%) of Millennial and Gen-Z respondents plan on spending more or the same on travel over the next six months as compared to the prior six months
- Over one-third (35%) of Millennial and Gen-Z respondents plan on traveling over three times in the next six months
- Top ‘travel hacks’ for Millennial and Gen-Z respondents include:
- Booking a trip on a specific day/time that seems less popular (68%)
- Using a credit card with travel benefits (62%)
- Paying with credit card points to book a trip (57%)
- Using WiFi over roaming with data when traveling internationally (54%)
Money Minded
- Top financial goals for the next six months among Millennial and Gen-Z respondents include:
- Focusing on their finances (49%)
- Building up savings and emergency funds (47%)
- Setting up an investment account (21%)
- Buying a home, apartment or condo (18%)
- 47% of Millennial and Gen-Z respondents have plans to move in the near future. Of those moving:
- One in four (24%) is moving in with a significant other
- One in five (21%) is moving to live by themselves
For additional data from the Amex Trendex Millennial and Gen-Z Summer Spotlight, download the full report below.
What is the Amex Trendex?
The Amex Trendex is a trend index that tracks how consumers, small businesses, and merchants are feeling about spending, saving, traveling and more.
Methodology
1 This poll was conducted by Morning Consult between May 5th - May 8th, 2023, among a sample of 3,309 US travelers who have a household income of at least $50K and are defined as adults who typically travel by air at least once a year. Within this audience, the Millennial and Gen-Z demographic group is defined as respondents who were born between the following years: 1981 - 2005. The interviews were conducted online. Results from the full survey have a margin of error of plus or minus 2 percentage points.
MEDIA CONTACTS
Margaret Manning
Margaret.K.Manning@aexp.com
Gabriel Ford
Gabriel.Ford@aexp.com