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
- 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
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.
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.