Gen Z and Millennials’ thoughts about travel are shifting as inflation is impacting their financial decisions. For young people, travel is about spontaneity and taking risks and recently they’re looking for experiences that are less planned out so that they aren’t breaking the bank. Gone are the days of luxe hotels with room service; young consumers are looking for more holistic travel with authentic and immersive run-ins with new cultures and nature. According to a study by Razorfish, 75% of Gen Z and Millennials say “that the trips they value most are those that don’t cost a lot of money and 40% [say] they are willing to spend more than half of their travel budget in pursuit of a truly memorable moment or experience.” YPulse’s travel research shows that the pandemic created an increased interest in wellbeing as young consumers sought self-care in difficult times. Now, that interest is heavily influencing their travel plans (in places like #TravelTok) that are inspiring young people to go to the places they see on their feeds. (Marketing Dive)
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