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Over half of Aussie Gen Z would rather spend money on travel than anything else

July 24, 2019 Financial No Comments Email Email

With the power to shape the future, Gen Z (aged 16-24) is coming of age and are on their way to discovering the world. New research from Booking.com, the digital travel leader connecting travellers with the widest choice of unique places to stay, has revealed that Gen Z think spending money on travel is of more value than material possessions, with over half (52%) saying travel is always worth spending money on.

The global research, surveying almost 22,000 respondents across 29 markets, delves into how Gen Z prioritise how they spend their money, and what they want to get out of their travel experiences.

Travel vs. Life Goals

When it comes to how they choose to spend their money, 65% of Gen Z globally ranked “travel and seeing the world” as the most important factor, with ‘life’s biggest investment’ (property) at a close second (60%). Interestingly, Australian Gen Z travellers ranked these two priorities on par, at 56%.

What Gen Z plans to spend their money over the next 5 years % of global Gen Z  travellers  % of Australian Gen Z travellers
Travelling and seeing the world 65% 56%
Saving for a down payment on a house / property 60% 56%
Investing in higher education / professional training 60% 49%
Saving for retirement 51% 47%
Spending money on experiences or products that are environmentally friendly 46% 46%
Saving for wedding/civil partnership 42% 38%
Buying new tech 33% 34%
Buying designer clothes/shoes/accessories 33% 32%

Ambitious Adventurers

It was revealed that Gen Zers are ambitious with their travel goals and what they want to achieve with their time away. Two in five (39%) of Aussie Gen Z travellers plan to visit at least three different continents over the next ten years, with 21% intending to study or live in a different country.

Australian Gen Z are also a daring bunch, with 56% wanting an adventure experience from their travels, such as paragliding or bungee jumping and 51% planning on visiting or trekking to an extreme location. When they’re not looking for an adrenaline fix, they are also the most likely generation to enhance their skills with 33% wanting to learn something new while travelling in the next ten years.

Ready to go Solo

Gen Z have grown up in a world where global financial and economic turbulence has become the norm, and so understanding their stance on finances (specificallyhow they plan to spend their money over the next five years), is a useful barometer for their overall outlook on life.

Many young travellers are already stepping out into the world with their family, with two fifths (40%) of Aussie Gen Z 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 ten years, more than a third (38%) plan to have travelled on their own at least once, with 28% saying they even prefer to travel alone!

Already Champions of the Bucket List

Two thirds (66%) of Gen Z travellers in Australia have already compiled a travel bucket list, with this figure rising to 75% across Gen Z females (vs. 62% men). Almost half (44%) of respondents cited being inspired by seeing influencers’ trips on Instagram as the main reason they have a travel bucket list, followed by saying it helps them keep track of amazing places they want to travel to (25%) and enjoying the satisfaction they feel when they tick off destinations and add new ones (23%).

Conversely, 31% of Gen Z globally do not have a travel bucket list, citing reasons such as wanting to travel impulsively (20%) and changing their preferences for travel destinations too regularly (22%).

“As Gen Z begin setting off across the globe, it’s exciting to see a new generation discover and choose how and where to travel,” said Luke Wilson, Area Manager for Australia at Booking.com. “We’re proud to offer our customers the widest range of unique places to stay and experiences to enjoy and will continue to do so as Gen Z take travel to exciting new frontiers.”

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