Eighty-four per cent of Gen Z and Millennials would rather take a dream vacation than purchase a new luxury item, with 79% of them agreeing that travel is an important budget priority, a new report published by American Express shows
According to Amex’s “2023 Global Travel Trends Report”, 52% of respondents plan to travel more this year. Half of them intend to spend more on travel in 2023 than in 2022.
The survey was carried out on travellers from the US, Australia, Canada, Mexico, Japan, India and the United Kingdom.
“Vacations are precious, and travellers are prioritizing personalized itineraries built around their passions, from planning an entire vacation for a single dinner reservation to getting the perfect video for TikTok”, commented Audrey Hendley, president of American Express Travel.
Reasons for trips
Around three-quarters of the respondents say social media influenced their travel choices, with 70% of Gen Z and Millennials confirming they have been inspired to visit a place after it was featured in a TV show, news source or movie.
One popular social media platform is Instagram. Forty-six per cent of young adults surveyed agree that they have planned a trip because of the photos posted on Instagram.
In addition, the Amex survey shows that food plays an essential role in helping people decide where to travel. Approximately 81% of respondents say trying local foods and cuisines is part of travelling; 47% of Gen Z and Millennials agree that they have planned an entire trip around visiting a specific restaurant.
International travel will gather pace in 2023, as a result of countries gradually lifting Covid-19 travel restrictions and help their economies recover from the pandemic.
In 2022, tourists spent $572bn in Europe, giving the old continent a share of 56.41% of global tourism expenditure, according to GlobalData research.
Europe’s share is, however, set to decrease in 2023, with travel spending in the Asia-Pacific region expected to grow from $91.6bn in 2022 to almost $576bn this year.