Millennials Consider Travel a Top Priority for Spending
According to a new study, millennials love to travel more than they're willing to dedicate funds to other commitments. The new Airbnb study in conjunction with market research institute GfK looked at the priorities of millennials and found that more people in the generation said that they place a higher priority on travel than buying a home or car or paying off debt. The study surveyed 1,000 millennials aged 18 to 35 years old in the US, UK and China about their spending priorities for the next five years. Not surprisingly, the results differed for the millennials in the three countries.
In China, those surveyed placed the highest priority on travel, followed by purchasing a car and then buying a home. In the UK, travel and savings were almost equal, ranking higher than buying a home. Finally, millennials in the US ranked their priority on travel ahead of buying a home but behind savings and investment funds. US millennials ranked their priority on travel equal to that of buying a car.
Overall, travel has grown as a spending priority by 83% in China, 55% in the UK and 56% in the US, based on respondents' answers. Social media had the largest influence on where millennial travelers want to go (75%), followed by getting recommendations from colleagues, tourism websites and news websites in no particular order. And as for what kind of travel millennials want, they much prefer to stay off the beaten path as opposed to going to large cities and major tourist hubs, which could also explain why 75% of respondents said they prefer to create their own itinerary rather than have a professional do it for them. Finally, across respondents from all three countries, food was ranked as the most memorable travel experience ahead of nightlife, history and tourist attractions.
Based on these results, it's safe to say that millennials have been bitten by the travel bug. Hopefully they're earning points and miles along the way.
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| 4X | Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year. |
| 4X | Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year. |
| 5X | New! Earn 5X Membership Rewards® points on prepaid hotel stays booked through AmexTravel.com or the Amex Travel App. |
| 3X | Earn 3X Membership Rewards® points on flights booked through AmexTravel.com, the Amex Travel App, or purchased directly from airlines. |
| 2X | Earn 2X Membership Rewards® points on prepaid car rentals booked through AmexTravel.com or the Amex Travel App and cruises booked and paid through AmexTravel.com. |
| 1X | Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases. |
Pros
- Valuable dining and food-related credits
- Flexible rewards with airline and hotel transfer partners
- Multiple travel and purchase protections
- No foreign transaction fees
- Access to Amex Offers for additional savings (enrollment required)
Cons
- Not as useful for those living outside the U.S.
- Some may have trouble using Uber and other dining credits
- You may be eligible for as high as 100,000 Membership Rewards® Points after you spend $8,000 in eligible purchases on your new Card in your first 6 months of Card Membership. Welcome offers vary and you may not be eligible for an offer. Apply to know if you’re approved and find out your exact welcome offer amount – all with no credit score impact. If you’re approved and choose to accept the Card, your score may be impacted.
- Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year.
- Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year.
- New! Earn 5X Membership Rewards® points on prepaid hotel stays booked through AmexTravel.com or the Amex Travel App.
- Earn 3X Membership Rewards® points on flights booked through AmexTravel.com, the Amex Travel App, or purchased directly from airlines.
- Earn 2X Membership Rewards® points on prepaid car rentals booked through AmexTravel.com or the Amex Travel App and cruises booked and paid through AmexTravel.com.
- Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases.
- Pay It® lets you tap in the American Express® App to quickly pay for small purchase amounts throughout the month and still earn rewards the way you usually do. Plan It® gives you the option to split up big purchases into equal monthly payments with a fixed fee. You’ll know upfront exactly how much you’ll pay.
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- $100 Resy Credit: Get up to $100 in statement credits each calendar year at over 10,000 qualifying U.S. Resy restaurants after you pay for eligible purchases with the American Express® Gold Card. That’s up to $50 in statement credits semi-annually. Enrollment required.
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- Take advantage of a $100 credit towards eligible charges* at over 1,300 upscale hotels worldwide when you book The Hotel Collection through AmexTravel.com or the Amex Travel App **. *Eligible charges vary by property. **The Hotel Collection requires a two-night minimum stay.
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