How are younger generations planning to spend the summer?
Younger generations are looking to travel, attend concerts and events, and dine out this summer, despite a sustained high cost of living.
American Express’ Amex Trendex Millennial and Gen Z Summer Spotlight Report found that the majority (81%) of millennial and Gen Z respondents have summer travel plans, with 62% of millennial and Gen Z respondents planning a trip to a destination this summer around one specific activity, like wellness or entertainment. Nearly three-quarters (70%) of millennial and Gen Z respondents say they typically purchase clothes or shoes to prepare for a trip.
Women especially are planning to make the most of the summer. More than half (51%) of millennial and Gen Z women have plans to attend music festivals and concerts this summer, and 43% say they plan to attend entertainment experiences this summer because they want to cross it off their bucket list. Nearly four-in-10 (38%) of millennial and Gen Z women who plan to travel abroad this summer plan to travel to Europe.
When it comes to dining out, nearly half (47%) of millennial and Gen Z respondents have plans to attend food festivals this summer. Two-thirds (66%) report spending at least $40 per week on takeout. But despite increased food costs, 20% of millennial and Gen Z respondents are tipping more than last year according to the survey.
For many, eating at a well-known restaurant is on the agenda. More than four-in-10 (41%) of millennial and Gen Z respondents say they like to secure hard-to-get reservations just to say they've been there, compared to just 13% of boomers and 24% of Gen X respondents.
The American Express survey was conducted by Morning Consult and consisted of 46 millennials & Gen Zers, 535 Gen Xers, and 508 Boomers, and a gender breakdown of 1,010 women and 1,014 men.