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Gen Z and Millennials Prioritize Experiences Over Possessions: Travel and Experiential Investments Soar. Younger generations are shifting focus from material possessions to memorable experiences, fueling a surge in travel spending and experiential activities. Learn how this trend is reshaping consumer behavior and industries.
Travel remains a top priority for both Gen Z individuals and millennials throughout 2024. A recent study by Marriott Bonvoy, Marriott International's travel program, indicates that 73% of Gen Z and millennials in the APEC region plan to embark on at least two trips in the coming year. John Toomey, Marriott International's Chief Sales and Marketing Officer for APEC, notes that the younger demographic perceives travel as an indispensable aspect of their lifestyle and is increasingly inclined to allocate more funds towards enriching experiences. He highlights the robust booking numbers in India and the full recovery from the pandemic.
The survey, encompassing 1,000 respondents from APEC countries, reveals that 60% are willing to cut back on daily expenses such as dining out, while 54% are open to reducing spending on routine indulgences like coffee, in order to allocate more resources to travel. It identifies a burgeoning cohort of value-conscious "savvy explorers" within the APEC region, intent on optimizing their travel budget and seeking distinctive travel experiences.
This surge in travel enthusiasm has corresponded with a notable uptick in loyalty membership for Marriott International. The Marriott Bonvoy program boasts a membership exceeding 200 million in 2024, with APEC membership growing by over 50% since 2019. Younger travelers increasingly perceive hotels not merely as places of lodging, but as integral components of their travel experiences. Nearly 80% of respondents anticipate hotels to offer tailored local activities and experiences.
Marriott's response to this trend includes the introduction of the Moxy brand in Bengaluru, with plans for a second Moxy property in Mumbai slated for the third quarter of the year. The company's expansion strategy for South Asia encompasses 14 new hotels, with 12 situated in India. The opening of Marriott's 150th property in Katra in May underscores the country's robust travel growth, both domestically and internationally. Toomey underscores India's significance as a burgeoning travel market, driven by a broader shift in consumer mindset towards prioritizing experiential spending catalyzed by the pandemic.
Source: Business Standard
