Everyone has their own idea of what makes the Best Summer Ever, whether it’s an epic road trip, an overseas adventure or a staycation lounging at a local hotel pool. According to a report by American Express, Millennials and Gen Z have big plans to make this summer a great one by seeking out memorable experiences, from concerts and festivals to meals at in-demand restaurants.
For its Amex Trendex Millennial and Gen-Z Summer Spotlight Report, American Express surveyed more than 2,000 U.S. adults (an even mix of male and female Millennials and Gen Zers, GenX and Boomers) with a household income of more than $50,000. The results reveal how Millennials and Gen Zers will be prioritizing their spending and what experiences they’ll be pursuing this summer.
Nearly all Millennial and Gen Z respondents—81 percent—say they have made summer travel plans. More than half (61 percent) say their travel plans revolve around spending time with friends and family. Of those who are planning a trip this summer, 62 percent are heading to a destination geared towards one specific activity, like wellness, a concert or a sporting event. Music festivals and entertainment experiences are big draws—bucket-list items worth traveling for.
As far as spending goes, 70 percent of Millennial and Gen Z survey respondents say they plan to spend money on clothing or shoes specifically related to upcoming travel. They are willing to spend money on memorable experiences, as 41 percent say they seek out hard-to-get restaurant reservations just to say they’ve been there. They report spending at least $40 a week on takeout, and 20 percent report they are tipping more than last year.
With big plans and money to spend, Millennials and Gen Zers are looking to have fun and make memories this summer.