A quarter of Gen Z and 22% of millennials say social media influences their vacation choices, from travel destinations to specific resorts, according to a recent report conducted by Qualtrics for Credit Karma.
Social media has become an integral part of everyday life, influencing everything from our fashion choices to our lifestyle habits. Today, these platforms have essentially become our modern-day travel agents.
But it’s not just inspiration.
Pressure to keep up is also a key factor: A desire to match the glamorous vacations they see online has led 44% of Gen Z and 42% of millennials to say they are more interested in luxury travel this year than usual.
The pressure to emulate the seemingly perfect lifestyles portrayed on social media can lead to financial strain as young consumers struggle to find the money they need to afford these experiences, with more than a quarter (34%) of Gen Z and 32% of millennials admitting that social media has influenced them to spend money they don’t have on travel.
Both Gen Z (27%) and Millennials (28%) are willing to take on additional debt to fund their travel experiences.
Nearly 40% of respondents said summer travel will always be a priority regardless of the economic situation, and many plan to spend more this summer than they did last. This raises an interesting question: are travel and experiences being prioritized over financial prudence?
Vacations are important
Not enough workers are taking advantage of their paid vacation time, which means they’re missing out on opportunities to improve personal well-being, work-life balance, and productivity. According to a Harris Poll survey, over 78% of respondents didn’t use all of their allotted vacation days last year, and 75% would like to take all of their available vacation days.
Being unwilling to take time off can affect your mental and physical health, leading to burnout and reduced productivity in the long run.
Younger working Americans are increasingly aware of the importance of vacations. Making the wise choice to prioritize relaxation and time off enhances personal happiness and sets a good example for others. An article in Harvard Business Review highlights that taking vacations, or even planning one, can improve your mood. Vacations prepare you to reset your sleep patterns and cognitive function. Vacations help reduce stress, increase positive emotions, and mitigate burnout, all of which are essential for maintaining long-term productivity and job satisfaction.
Rediscover the authentic vacation experience
For young consumers who want to travel on a budget while avoiding the social media-induced pressures of luxury vacations, authentic, affordable options abound. These alternatives offer a full-on experience without the high prices associated with more glamorous destinations.
Staycation: Explore local attractions, plan a themed day at home, or discover new spots in town. These are cost-effective ways to relax and rejuvenate without the stress of travel. Road Trip: Plan a route that includes national parks, historical sites, and charming small towns. Road trips are flexible and give you the chance to stumble upon hidden gems. Camping and Glamping: Reconnect with nature by camping in national and state parks. For a more comfortable experience, consider glamping options like yurts and cabins. Volunteer Trips: Combine travel with meaningful work by joining a volunteer program. Volunteering can help you reduce travel costs and strengthen your connection to your destination. House Swapping: For a novel way to reduce accommodation costs and enjoy a home-away-from-home experience, swap houses with people from other cities or countries using platforms like Home Exchange.
The most important thing in life
Younger generations want to simplify their lives and prioritise holidays, but the powerful influence of social media on travel habits encourages them to invest in travel despite financial constraints.
By being smart about spending and being aware of the influence of social media, Gen Z and Millennials can satisfy their desire to travel without sacrificing their financial security — after all, travel is about the experiences and memories you make, not catching up with your digital peers.
Courtney Alev, consumer finance advocate at Credit Karma, says, “Whether you want to do something this summer, like take a vacation, go to a concert, or buy new summer clothes, plan ahead, save up for your purchases, and do your best to stick to a budget. While it’s never a good idea to get into debt for fun, especially with credit card interest rates so high, if you’re spending more than you can pay off immediately, make a plan to pay off your debt as quickly as possible before the interest starts to pile up.”
