TRAVEL FRANCHISE NEWSLETTER: GENERATIONAL CARD MEMBER TRAVEL SPEND Q1 2023
July 26, 2023
Summary
Platinum Partner American Express release 2023 Q1 Travel Trends Report highlighting that Gen-Z and Millennials continue to lead lodging spend growth for the third consecutive quarter, reflecting their strong travel engagement and preference for experiential vacations, such as immersive local experiences and small business shopping.
Notably, 84% of younger respondents prioritize dream vacations over luxury purchases. Travel spending profiles skew younger in Asia-Pacific, Europe, Middle East, and Africa, while Gen-X and Baby Boomers dominate travel spend in Latin America, Canada, and the Carribean. These insights suggest hoteliers should tailor offerings to meet the preferences of younger travelers seeking authentic experiences, while also recognizing regional demographic differences.
Notably, 84% of younger respondents prioritize dream vacations over luxury purchases. Travel spending profiles skew younger in Asia-Pacific, Europe, Middle East, and Africa, while Gen-X and Baby Boomers dominate travel spend in Latin America, Canada, and the Carribean. These insights suggest hoteliers should tailor offerings to meet the preferences of younger travelers seeking authentic experiences, while also recognizing regional demographic differences.