Published: Jun 14, 2024
by Michael Guta
In Small Business News
American Express has released its latest Amex Trendex Millennial and Gen-Z Summer Spotlight Report, revealing the spending habits of younger generations this summer. The report highlights how Millennials and Gen-Z are prioritizing travel, dining, and memorable experiences, with a particular focus on concerts and music festivals.
The survey found that Millennial and Gen-Z women are especially keen on attending concerts and festivals. This demographic played a significant role in last year’s economic growth, driven by the popularity of national stadium tours from major pop artists. This summer, they continue to fuel demand in the entertainment sector. According to the report, 51% of Millennial and Gen-Z women plan to attend music festivals and concerts, with 43% wanting to cross entertainment experiences off their bucket list. Additionally, 38% of those traveling abroad for a concert or sporting event plan to visit Europe.
Travel remains a top priority for Millennials and Gen-Z this summer. The report shows that 81% of respondents have travel plans, with 62% organizing trips around specific activities such as wellness or entertainment. Moreover, 70% of these younger travelers typically purchase new clothes or shoes to prepare for their trips, highlighting the importance of fashion and preparation in their travel plans.
Food and dining are also significant areas of spending for Millennials and Gen-Z. Nearly half (47%) of respondents plan to attend food festivals this summer, and two-thirds (66%) report spending at least $40 per week on takeout. The desire to secure hard-to-get reservations is also prevalent among this group, with 41% enjoying the status of dining at exclusive spots, compared to only 13% of Baby Boomers and 24% of Gen X. Additionally, 20% of Millennial and Gen-Z respondents are tipping more than they did last year, indicating a trend towards greater generosity in their dining experiences.
The Amex Trendex is a trend index that tracks consumer sentiments about spending, saving, and traveling. It provides insights into how consumers are feeling and behaving but does not represent actual Amex customer spending data or trends. This latest report underscores the enthusiasm of Millennials and Gen-Z for experiences that bring joy and excitement, especially in the travel and entertainment sectors.
Image: Envato
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Michael Guta is the Assistant Editor at Small Business Trends and has been with the team for 9 years. He currently manages its East African editorial team. Michael brings with him many years of content experience in the digital ecosystem covering a wide range of industries. He holds a B.S. in Information Communication Technology, with an emphasis in Technology Management.
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