New Year, New Travel Priorities. Study Says: Experiences Win Over Possessions
January 3, 2018 11:59am
Expedia and the Center for Generational Kinetics find travel at the top of everyone's wish list
BELLEVUE, Wash., Jan. 3, 2018-- Today Expedia.com® released the results of a multi-generational travel study, exploring consumer behavior and travel preferences of American adults from Generation Z (age 18-22) to Baby Boomers (age 55-65).1 Results illustrate that people are shifting away from a society of stuff (products like clothes, electronics, jewelry), to a society of experiences, and are specifically saving for travel.
"Insights into younger generations preferences are as good as a crystal ball, and currently their trends are pointing towards a great future for the travel space," said Sarah Gavin, Vice President of Expedia, Inc. Global Communications. "Knowing what travelers of all ages prioritize is important, but the younger generations' growing love for travel is what keeps us going as we prioritize customer centricity, offering the best deals and the convenience of booking everything at once, all in one place."
Experiences Over Possessions
Social media is influencing consumer purchasing decisions, with 36% of Gen-Z saying they've chosen a travel destination because they saw it on social media. However, priorities are shifting from posting a new handbag to live streaming a ziplining experience.
Overwhelmingly, travelers prefer to book through online travel agencies
With technology impacting the everyday lives of American consumers, the way Americans prefer to book travel is shifting towards convenience versus brand loyalty.
Younger Generations are postponing breakups for the beach
The youngest generations surveyed, Gen-Z and Millennials (age 22-35) focus their purchasing decisions on travel, with 65% currently saving for a trip this year. Younger generations tend to prioritize impressing their peers, along with seeking out adventure and disconnecting for relaxation.
The shift in consumer purchasing intent from products to experiences signals a promising road ahead for the travel industry. Furthermore, younger travelers trust online travel agencies to have a breadth of choice, technological simplicity and savings that help satisfy their increasing appetite for travel. This proves that the American thirst for travel and adventure isn't subsiding anytime soon, especially if the younger generations have anything to say about it.
Access the full report HERE.
This study was conducted on behalf of Expedia by The Center for Generational Kinetics, a boutique research and consultancy firm. Expedia surveyed 1,254 U.S. respondents ages 18-65 from August 8 – 17, 2017.
Tags: travel trends,
generational travel preferences
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