Generational fears are a neat thing. Thirty-three percent of millennials, for instance, say they’re more afraid of credit card debt than death or war. Gen Z, on the other hand, certainly doesn’t appear to be afraid of spending.
Visa found the cohort to be the only age group that, in any given month in the past 2.5 years, was spending more than they were a year prior.
Instead, today’s youths appear to be most afraid of not spending their money on the right things. How mature!
So, what are the right things?
Well, think about it — this is a generation where three in four of them prefer a better quality of life than extra cash in their bank accounts, one that was stuck at home taking classes on Zoom, that spent the pandemic saving up money…
They’re traveling.
Recent data from Morning Consult found 52% of Gen Z adults are now frequent travelers, versus 41% of Gen X and 35% of baby boomers.
Further, across income brackets, Gen Zers are more likely to travel than other generations, and 61% of frequently traveling Gen Zers last year came from households with incomes of less than $50k.
As for whether Gen Z’s spending spree will lead to a “sticky inflation” doom for us all, as some suspect — well, that’s another discussion.
