"Can't Afford a House Anyway"... Gen Z Cuts Dining and Salon Costs to Splurge on Airfare

Cutting Back on Other Expenses to Save for Travel
Choosing Present Experiences Over an Uncertain Future

Members of Generation Z—those born in the late 1990s through the early 2010s—are showing a willingness to spend on travel despite rising prices. While they are cutting back on routine expenses such as dining out or salon visits to save on travel costs, they refuse to give up on their trips.

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"I Can Save on Everything Else, But I'll Still Travel"... Gen Z Opens Their Wallets for 'Experiences'

On September 20 (local time), the American business magazine Fortune highlighted how members of Generation Z are inclined to spend money on experiences they find valuable—such as travel—even as the cost of living rises and financial stress increases.

According to a survey by Future Partners, 62.7% of U.S. Gen Z travelers said they believe spending on travel is worthwhile. Additionally, 44% of respondents reported taking trips 'frequently' or 'very frequently' on a spontaneous basis—a figure that is substantially higher than the all-generation average of 25.2%.

Many are reducing other expenses to prioritize travel. According to Skyscanner, 52% of respondents said they are willing to spend less on dining out for an upcoming trip, and 40% said they would cut back on salon visits as well.

Financial pressure is cited as a driving factor behind these consumption patterns. Matt Lundquist, a psychotherapist in New York, explained, "Many of my younger clients feel that it is realistically difficult to achieve traditional life goals such as buying a home, finding a stable job, or raising children." He added that instead of saving for a far-off future, these individuals may find it more meaningful to spend money on experiences they desire now.

This tendency extends beyond travel, as small purchases like accessories and merchandise are also popular. Lindsay Bryan Podvin, a financial therapist and host of the 'Mind Money Balance' podcast, explained, "Minor spending can give people a sense of satisfaction that, even in uncertain times, they can choose and enjoy what they want."

MZs in Korea Are the Same... Carefully Weighing Price and Value

Similar trends are being observed in Korea. According to Booking.com’s 'In-Depth Insight Report on MZ Generation Travelers' released last year, 53.5% of Korean Millennials & Gen Z responded that they would "not skimp on budget for the best travel experiences."

However, even when spending on travel, they demonstrated a tendency to scrutinize both price and value. A total of 79% said, "I will look for the best option while considering my budget," reflecting a value-oriented approach to travel.

For Millennials & Gen Z, travel has become more than a simple leisure activity; it is now a way to break away from daily life, refresh, and recover. In Korea, 49% of this group said they are "planning trips for a change of mood."

The top reasons for traveling were rest (48.5%) and mental healing (37%). Other highly ranked motivations included local gourmet experiences (53%), adventure (35%), and cultural exploration (31.5%), underscoring the high demand for experience-focused travel.

This content was produced with the assistance of AI translation services.