Stats: Gen-Z Places High Value on Travel Despite Financial Concerns

According to the latest report from StudentUniverse, a Flight Centre Travel Group company, despite financial concerns Gen Z is not going to let an economic crisis impede their wanderlust. With 87 percent of respondents indicating that vocational travel (such as working holidays and study abroad) is important for their career and 78 percent indicating a desire to enjoy new experiences, the jury is in and Gen Z has ruled that travel is worth the investment. The findings were released as part of the company’s “The State of Student & Youth Travel in 2023” survey, which delves into the traveler sentiment of those aged 18 to 25.

The report revealed Gen Z travelers are more culturally aware, open to new experiences and willing to dig deeper into the places they visit. Compared to past generations, the biggest appeals for young travelers include sightseeing (70 percent) and experiencing new cultures (68 percent), followed by trying new cuisines (59 percent), exploring nature (58 percent) and meeting new people (37 percent). For the most part Gen Z aren’t interested in traveling for nightlife and clubbing, with just 21 percent claiming an interest while on vacation. From ditching the party scene to their surprising stance on their impact on the environment, the report found that Gen Z is creating big shifts in the travel space.

Gen Z showed the highest propensity to get back out and travel as restrictions began easing during the pandemic and with an estimated disposable income over $400 billion, it’s a demographic the travel industry shouldn’t sleep on. Despite being budget-conscious, student and youth travelers spend three times more on a trip than the average international traveler and although 76 percent indicated that financial costs were their greatest concern about traveling only 8 percent indicated they would stop traveling altogether due to finances. Gen Z believes where there’s a problem there’s a solution; 65 percent indicated they will aim to find the cheapest option and almost half (46 percent) indicated they would expect to get assistance from a parent or guardian.

The study also found that despite Gen Z being a highly environmentally conscious generation, most young travelers are not letting climate change limit their travel plans. Nearly half (49 percent) of student and youth travelers say global warming has had little or no impact on their desire to travel, and just 23 percent say they would be likely to pay to offset their carbon emissions when booking travel. When it comes to what worries this demographic the most about traveling, just 15 percent cited their impact on the environment, ranking it as the lowest concern, while the biggest was financial cost (76 percent). That said, with homosexuality still criminalized in 68 countries, the report revealed that the majority (82 percent) of Gen Z said their willingness to visit a country would be impacted by its laws and attitudes on issues like LGBTQ+ rights.

One of the key findings of the report is that the vast majority of Gen Z view travel as a fast track to success at work, with 87 percent saying that overseas experiences would improve their career prospects. A further 78 percent claim a desire to partake in vocational travel, such as working holidays and volunteering, if given the opportunity. 

According to StudentUniverse, student and youth travelers make up a quarter of all international arrivals around the world. The survey included insight from 4,000 students around the world and also revealed insights on student mobility, where students want to go, perspectives on traveling for education, purpose-driven vocational travel, the impacts of the cost-of-living crisis and predictions for the next decade.

Source: StudentUniverse

Related Stories

“Flexcations,” Experiences Drive Travel Demand in 2023: Expedia

Stats: Older Travelers More Likely to Purchase Travel Insurance

Stats: Senior Travelers Making a Return in 2023

Stats: Long-Lead Travel Planning is Back