New research has revealed people in the 16-to-24 age bracket believe spending money on travel is more valuable than spending on anything else.
According to a survey commissioned by Booking.com, 52 per cent of Gen Z respondents said travel is always worth spending money on.
When it comes to how they choose to spend their money, 65 per cent of Gen Z globally ranked travel and seeing the world highest, with property (60 per cent) and investing in higher education and professional training (60 per cent) rounding out the top three.
Both in Australia and globally, 46 per cent of respondents rated spending money on experiences or products that are environmentally friendly highest.
Australian Gen Z travellers ranked travel and saving for a down payment equally as the top choices for spending, at 56 per cent each.
The research also revealed a few facts about the travel market closer to home: two in five (39 per cent) Australian Gen Z travellers plan to visit at least three different continents over the next three years, with 21 per cent intending to study or live in a different country.
When it comes to experiences, the young market favours adventure and getting an adrenaline fix: 56 per cent of Australian respondents said they wanted to have an adventurous experience, like paragliding or bungee jumping, while holidaying. Fifty-one per cent also said they planned on visiting or trekking to an extreme location.
It was also revealed the young market is already stepping out into the world with their family, with 40 per cent of Australia’s Gen Z population saying it allows them to go on trips they otherwise wouldn’t have the funds for.
However, independence is also a priority for this generation. Over the next 10 years, 38 per cent plan to have travelled on their own at least once, with 28 per cent saying they prefer to travel alone.
Here are a few other key findings from the research:
- 66 per cent of Gen Z travellers in Australia have already compiled a travel bucket list, with this figure rising to 75 per cent across Gen Z females (versus 62 per cent men).
- 44 per cent of respondents cited being inspired by seeing influencers’ trips on Instagram as the main reason they have a travel bucket list.
- 25 per cent said having a bucket list helped them keep track of places they want to visit.
- Conversely, 31 per cent of Gen Z globally do not have a travel bucket list, citing reasons such as wanting to travel impulsively (20 per cent) and changing their preferences for travel destinations too regularly (22 per cent).