Known for being money-minded, Millennials and Gen Z consumers have plans to make the most of this summer — with many (65 percent) saying they have saved up for the season over the last six months, according to the latest Trendex poll from Amex.
Conducted by Morning Consult between May 5 and May 8,, American Express’ survey polled more than 3,000 U.S. Millennial and Gen Z adults who have a household income of at least $50,000 and report typically traveling by air at least once a year. Key findings include how Millennials and Gen Z are planning to “enjoy the now” while saving for the future and setting financial goals.
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Overwhelmingly, findings showed that experiences continue to reign supreme for the cohort this summer. More than 70 percent of respondents agreed that summer 2023 is “the time to check things off their bucket list” and 87 percent said they would be willing to spend more money on once-in-a-lifetime experiences.
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“Experiences are at the heart of what Millennials and Gen Z care about,” said Howard Grosfield, president of U.S. consumer services at American Express. “Our survey shows they’re saving for worthy splurges and willing to spend more on once-in-a-lifetime experiences, from their favorite artist’s concert to a bucket list trip or going to a big sports event.”
Nearly 35 percent of respondents said they plan to spend more on entertainment this summer. On average, Millennial and Gen Z respondents said they are willing to spend $391 on concerts, $375 on music festivals, $341 on dining out, $335 on amusement parks, $335 on sporting events, $231 on comedy shows or festivals, $230 on theater or cinema performances and $225 on food festivals. Thirty-two percent of respondents report having already purchased tickets to an experience in the last six months.
At the same time, survey respondents are looking at this summer to begin investing more in dating compared to pre-pandemic. Almost a quarter of respondents told American Express they are spending more with 34 percent spending the same amount. The average spend for dating this summer is $420.
As young consumers look to make traveling happen this summer, many reported looking for “travel hacks” to save. With 69 percent of Millennial and Gen Z respondents planning to travel this summer, 85 percent admit to using money-saving hacks to book these trips over the next six months. The top reasons Millennial and Gen Z respondents plan to travel this summer are to spend time with family and friends (67 percent), explore new places (45 percent) and to recharge and reset (39 percent).
Looking at the next six months, 95 percent of Millennial and Gen Z respondents report having financial goals including focusing on finances (49 percent), building up savings and emergency funds (47 percent), traveling more (38 percent), setting up an investment account (21 percent) and buying a home, apartment or condo (18 percent).
In examining how these consumers balance being financially conscious and splurging on summer plans, Grosfield said, “younger generations make decisions based on what’s meaningful to them. They’re treating themselves to once-in-a-lifetime experiences and everyday ‘treats,’ like dining out.”
As they treat themselves, 52 percent of Millennial and Gen Z respondents say they have treated themselves to new clothing, apparel or jewelry in the last six months while 57 percent of Millennial and Gen Z respondents have treated themselves by going out to dinner or ordering food. Notably, 61 percent of respondents said they would rather treat themselves to an experience over a material possession.