According to a 2024 study by American Express, 84% of respondents plan to maintain or increase their travel spending compared to last year, with 77% prioritizing a good travel experience over travel costs.
Travel planning has traditionally revolved around structured, family-oriented itineraries, but recent trends show a shift towards individualized experiences and spontaneous travel.
This trend is driven by a desire for authenticity and immersion in local cultures. Travelers are increasingly looking for unique activities and off-the-beaten-track destinations.
How different generations perceive travel spending
Each generation, from millennials to baby boomers, offers unique perspectives on how to allocate resources to leisure. These varied attitudes offer valuable insight into the changing dynamics within the travel industry and consumer behavior.
About 79% of millennials and Gen Z prioritize a pleasant travel experience over the cost of travel, compared to 75% of Gen X and 72% of Baby Boomers.
Millennials and Gen Z are also willing to sacrifice daily expenses to fund their travel: 71% are choosing to forgo luxuries like coffee and food delivery, compared to 64% of Gen X and 56% of Baby Boomers.
There is a notable generational gap among those seeking help from travel advisors or trusted agents; 57% of younger generations want this support, compared to 47% of Gen Xers and 38% of Baby Boomers.
The study shows significant variations in generational travel preferences: the type of travel experiences they seek, reflecting diverse priorities, interests and lifestyle preferences.
Love of the game is a determining factor
Fans plan trips around sporting events, not only to support their local team, but also to follow their favorite sports or international competitions. They are willing to travel to attend and experience these events live, as their passion for sports influences their travel plans.
Nearly 75% of global respondents enjoy sports, with around 71% considering themselves to be avid or casual fans. Despite the convenience of being able to watch a sporting event from home, 37% plan to travel to attend a sporting event this year. Of these, 38% will travel six hours or more.
By 2024, 67% of millennials and Gen Z are interested in traveling to attend sporting events, and 58% of these sports travelers are focused on football, basketball or Formula 1 racing.
The main motivations for fans to travel are the emotional and experiential appeal of live sports: the thrill of watching their favorite sports team play live, the opportunity to participate in major sporting or cultural events, and the chance to see their favorite athletes in action.
The top tourist destinations for sports fans are New York (30%), Miami (27%), London (26%), Las Vegas (25%) and Paris (25%).
The growing need for “major” travel
Consumers are showing increasing interest in “big” travel. These trips, which often mark significant occasions or fulfill long-held travel aspirations, often involve expedition-style adventures like exploring the Galapagos Islands or trekking with gorillas. These life-changing experiences are widely shared on social media, contributing to their popularity.
“These voyages allow travelers to experience ancient, otherworldly and hard-to-reach landscapes, breathtaking wildlife and inspiring local cultures, exemplifying how luxury expedition cruising allows travelers to explore remote destinations and create memories that will last a lifetime,” said Steve Smotrys, vice president of global sales and trade relations for Seaborn Cruise Line.
Similarly, Jen Barnett of Expatsi says, “I took a trip to Napa Valley for my 50th birthday and dined at the French Laundry. It was a big item on my bucket list and all of our international travel plans had been canceled due to COVID. It was the perfect way to celebrate the milestone and the restaurant surprised me with an engraved bottle of champagne that we just enjoyed to celebrate our move to Mexico.”
Personally, last year I planned a trip to Kazakhstan and Uzbekistan to celebrate a milestone in my life and mark it with a long-standing travel project.
Millennials and Gen Z are most interested (28%) in destinations like Antarctica, Alaska and the Galapagos, compared to 27% of Gen X and 24% of Boomers. About 31% of Millennials and Gen Z are interested in adventure travel activities like hiking Mount Kilimanjaro, safaris and gorilla treks, compared to 19% of Gen X and 12% of Boomers.
29% of Millennials and Gen Z express interest in wellness retreats, compared to 24% of Gen X and 19% of Boomers. 58% of Millennials and Gen Z would explore multiple countries within a region, while 53% of Gen X and 48% of Boomers would do so.
Karee Blunt of Our Woven Journey says, “My husband and I are taking a cruise to Alaska in August. It’s our 50th state and we wanted to do something special to celebrate, so we’re doing a 7-day cruise.”
Going solo
Solo travel is growing in popularity as travelers seek self-discovery, independence, freedom, and flexibility. Traveling alone promises deep relaxation, opportunities for personal growth, and the chance to meet new people.
66% of people considering solo travel are treating themselves and focusing on self-love. Independent travelers are exploring new cities or relaxing on beaches and islands, indicating a preference for urban adventures or seaside retreats.
Chantelle from Flannels and FlipFlops says: “I just got back from a solo trip to York, England. I decided to go solo because I like to have time to myself. I love the sense of accomplishment I get from exploring new cities and countries on my own, and I like to sometimes get away from it all and just be by myself.”
On a whim
In today’s structured world, people seek flexibility, spontaneity and discovery in their travel plans, increasing the number of last-minute bookings, one-way tickets and other options that leave room for unexpected adventures.
Travelers’ desire to break away from rigid schedules and embrace the unknown opens up opportunities for memorable and unique travel experiences.
68% of respondents value being able to set aside unplanned time during their travels to immerse themselves in local culture and activities. A majority of Millennials and Gen Z (77%) have booked last-minute trips, compared to 65% of Gen X and 52% of Baby Boomers.
Nicole Tommasulo, founder of savor + roam, says, “My fiancé and I took a weekend trip to New York City last month. The weather in Boston had been gray and rainy for weeks, and we were craving some sunshine. So we checked the weather forecast for places within a 6-hour drive of our home and picked the sunniest destination.”
This year, tired of all the problems of everyday life, my husband and I planned a long 10-day trip to Nepal.
And after?
Travelers value individualized experiences, adventure, and spontaneity, especially millennials and Gen Z. Younger travelers increasingly value unique experiences over cost, show keen interest in wellness retreats and multi-country travel, and are willing to sacrifice everyday luxuries to fund their adventures.
The travel industry must strive to provide personalized and flexible travel options that meet these evolving preferences. Focusing on authentic local experiences, supporting spontaneous travel, and providing advisory services tailored to younger generations will be key to meeting the demands of today’s travelers.
