According to Bloomberg’s analysis of United Nations data, Generation Z will outgrow Millennials and make up 32% of the population in 2019 (compared to Millennials 31.5%.) Though there is no exact year that defines the difference in these generations, Millennials are typically categorized as people born in the early 80s through the late 90s. For many, 2000/2001 is where the generations transition, but some might even go as far as to saying Millennials cut off as early as 1995.
Regardless of this technicality, Gen Z is reaching pivotal ages for decision-making, like with travel. Though there are plenty of Baby Boomers and Gen Xers who might believe Millennial and Gen Z travel trends would be similar, they have been proven to be quite different because of the eras they grew up in. Experts studying the characteristics and demographics of travelers have compiled a list of notes and predictions for Gen Z travel habits:
1. They have a large influence on family vacation plans
Though Gen Z is still young and many are without large, personal vacation funds, they still have a great impact on where and when they take their family vacations, whether that be at a timeshare resort rental, home rental, or other accommodations. According to a YouGov Omnibus Parents Survey, Gen Z often has an active role in how families spend their money, and that includes vacations.
2. They tend to be more conservative with their money
Unlike Millennial travel habits where many put more towards their vacations, Gen Z is looking for an alternative. They grew up in the midst of 2008’s Great Recession where their parents were significantly impacted by these economic strains. This event created a new standard of fiscal thoughtfulness. According to Jason Dorsey at the center for Generational Kinetics, Gen Z would like to travel but want to do so more responsibly.
3. Research and social media plays a significant role in their vacationing decisions
Gen Z is the generation of technology, which has greatly impacted in how they choose and plan their vacations. According to the Generations on The Move travel trend survey from The Center for Generational Kinetics sponsored by Expedia, Gen Z spends a large portion of time reading reviews, scanning a variety of websites, and utilizes social media as a way to find personal opinions and suggestions. They are also focused on convenience, such as being able to book multiple aspects of their vacation all in one place and finding great deals for last-minute vacations.
4. Less likely to book traditional studio hotel rooms
According to Expedia.com, Gen Z is open to alternative accommodations and different ways to vacation outside of the usual hotel room. In the search for local, more Instagrammable experiences, they are also looking to move away from the normal tours found in these destinations and instead to connect with locals where they can see their real way of living.
Luckily, SellMyTimeshareNow is ready for Gen Z travel trends and the exciting changes happening to the industry. With unique timeshare resales and timeshare rentals located all around the world, owners and renters can enjoy some of the best amenities and some of the most affordable prices on the market. Any Gen Z would be happy to spend a week exploring some of the most popular and road-less-traveled destinations out there. With more questions, please call our timeshare experts today at (877) 815-4227.