Gen Zs, millennials prioritising travel, spending more on experiences

Travel continues to be an utmost priority for Gen Zs and millennials in 2024 too.

According to a new report by Marriott Bonvoy, the travel programme of Marriott International, as many as 73 per cent of Gen Zs and millennials in the APEC (Asia Pacific excluding China) said they plan to take at least two trips in the next 12 months.

“The younger generation views travel as an essential lifestyle component and are willing to spend more on experiences now. Our booking numbers in India are robust and we have recovered fully from the pandemic,” John Toomey, chief sales and marketing officer, Marriott International, APEC.

According to the survey, which polled 1,000 people from APEC countries, 60 per cent people are willing to reduce their everyday spending on dining out, 54 per cent are willing to reduce their spending on daily coffee, to be able to spend more on a holiday.

The survey identified an emerging generation of travel-focused, value-driven ‘savvy explorers’ in APEC who seek to maximise their travel dollars and unique travel experiences.

This has also led to an increase in the loyalty membership of the international hotel chain. The Marriott Bonvoy membership has increased to over 200 million in 2024, with the APEC membership base growing more than 50 per cent since 2019.
 

Young travellers are also increasingly viewing hotels as not just accommodation but as destinations in themselves. Nearly four in five respondents expect their hotel to provide curated local programming and experiences.

Marriott recently debuted the Moxy brand in Bengaluru and plans to open a second Moxy property in Mumbai around the third quarter of the year. The hotel chain has outlined an expansion plan of 14 hotels in South Asia, of which 12 are based in India. The company will open its 150th property in the country in Katra in May.

“India has seen a robust travel growth – both international and domestic. The country is also a big market for south east Asian countries like Korea and Thailand. It is part of a mindset shift that the pandemic has caused, where people are looking to spend more on experiences,” said Toomey while talking about India.