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American Express – AMEX TRENDEX SUMMER SPOTLIGHT: 65% of Millennials and Gen-Z surveyed are saving for epic experiences this summer

Millennial and Gen-Z consumers are saving for decent 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 from US Millennial and Gen-Z consumers, the report found that younger generations want to spend on travel and epic experiences so they can enjoy today, but are also saving for the future and setting 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 get the most out of their travel dollars.
  • Interested in money: Millennials and Gen-Z are saving for the future and focused on their financial goals

Experiences reign supreme

  • Most Millennial and Gen-Z respondents (87%) agree they would be willing to spend more money on once-in-a-lifetime experiences
  • Nearly 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 will attend this summer
  • Nearly two-thirds (61%) of Millennial and Gen-Z respondents would rather enjoy a special experience than a material possession (32%)
  • 58% of Millennial and Gen-Z respondents are spending more or the same amount of money on dating compared to before the pandemic.
  • Millennial and Gen-Z respondents are willing to spend an average of about $420 on dates 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 to spend more or the same on travel in the next six months compared to the previous six months
  • Over a third (35%) of Millennial and Gen-Z respondents plan to travel more than three times in the next six months
  • The top “travel hacks” for Millennial and Gen-Z respondents include:
    • Book a ride on a specific day/time that seems less popular (68%)
    • Using a credit card with travel benefits (62%)
    • Pay with credit card points to book a trip (57%)
    • Using Wi-Fi while roaming with data when traveling internationally (54%)

interested in money

  • Top financial goals for the next six months among Millennial and Gen-Z respondents include:
    • Focusing on your finances (49%)
    • Accumulation of savings and emergency funds (47%)
    • Setting up an investment account (21%)
    • Buy a house, apartment or condo (18%)
  • 47% of Millennial and Gen-Z respondents have plans to move in the near future. Of those that move:
    • One in four (24%) move in with a significant other
    • One in five (21%) move to live alone

For additional data from the Amex Trendex Millennial and Gen-Z Summer Spotlight, download the full report below.

What is Amex Trendex?

The Amex Trendex is a trend index that tracks how consumers, small businesses and merchants feel about spending, saving, travel and more.

Methodology

1 This survey was conducted by Morning Consult between May 5he – May 8he, 2023, among a sample of 3,309 US travelers who have a household income of at least $50K and are defined as adults who normally travel by air at least once a year. Within this audience, the Millennial and Gen-Z demographic is defined as respondents who were born between the following years: 1981 – 2005. Interviews were conducted online. The full survey results have a margin of error of plus or minus 2 percentage points.

MEDIA CONTACTS

margaret manning

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gabriel ford

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