A survey conducted by American Express shed light on the evolving spending habits of Generation Y and Z, revealing a renewed emphasis on memorable experiences. The findings demonstrate that over 70% of young individuals view summer 2023 as the ideal time to check items off their bucket list, and 87% are willing to allocate additional funds towards once-in-a-lifetime experiences. This shift in mindset is further reflected in the fact that more than 60% of respondents prioritize purchasing experiences over material possessions as they realise the value of lasting memories.

The impact of the pandemic on the travel industry has been significant, but it has also sparked a surge in what is known as "revenge spending." And in 2023, this mindset shows no signs of slowing down. Skyscanner research revealed that 77% of people are planning to maintain or increase their spending on trips abroad compared to 2022, with 41% intending to allocate more funds towards their travel experiences.

Younger generations are not only saving diligently for worthy splurges but are also willing to invest more in occasions and experiences, and when it comes to travel they are embracing money-saving hacks to make the most of their adventures without compromising their financial wellbeing. Brands and businesses that align themselves with the desire for unique and transformative travel are likely to resonate with younger generations, while also providing meaningful and unforgettable moments that align with new travel mindsets.