They are now jumping headfirst into homeownership," said Jessica Lautz, NAR's vice president of demographics and behavioral insights. "Some young adults have used the pandemic to their financial advantage by paying down debt and cutting the cost of rent by moving in with family. This number was highest with younger millennials (92%) and older millennials (88%). Eighty-seven percent of all buyers purchased their home through an agent. Almost two out of three younger millennials – 65% – found the home they ultimately purchased on the internet, a number that gradually decreases with older generations. 1 The NAR report found that the combined share of younger millennial (23 to 31 years old) and older millennial buyers (32 to 41 years old) rose to 43% in 2021, up from 37% the year prior. This is according to the latest study from the National Association of Realtors®, the 2022 Home Buyer and Seller Generational Trends report, which examines the similarities and differences of recent home buyers and sellers across generations. They are also the most likely generation to use the internet to find the home they ultimately purchase and most likely to use a real estate agent. Gen Z spends about 25% of their budget on flights.Ĥ3%of Generation Z use OTAs to plan tripsand take an average of 29 days per year.Ħ2% of baby boomers will use all or most of their annual leave earned at work versus 77% of millennials.īoomers spend a whopping $157 billion on tripsevery year.WASHINGTON (March 23, 2022) – The share of millennial home buyers increased significantly over the past year. Gen Z travellers want adventure, while millennials want comfort 83% of millennials said they prefer all-inclusive and other worry-free vacations and 70% stayed in a hotel on their last trip.ĩ0% of Gen Z say their international travel decisions are influenced by social media. Gen X travels the least, as a result of work and family commitments.Īmerican workers took 17.2 days of vacation in 2017.Īlready, there are 40% of millennials planning to take a trip with friends within the next year.Īround 35% of millennials stay in upscale and luxury resorts and hotels. Millennials make the most of their holiday - most taking an average of 35 days of vacation each year when the averageįollowed closely by Gen Z travellers, who travel 29 days each year. Calling themselves 'flashpackers' they spend around about $3,500 per trip and $60 a day. The younger Gen Z’s and Millennials are the highest spenders when they travel. Those aged between 23 to 30 however, saw a decline of a similar percentage. Those travelling over the age of 30 showed the largest increase in numbers from 2007, going up from 10% to 17%. These have a higher cost so finding the cheaper deals would be even more important. Conversely, millennials and Generation Z’s seek to visit new places as a means of relaxation with 83% millennials preferring all-inclusive and worry-free holidays. It may also be that the elder population doesn’t desire to have as exotic and financially-draining holidays with over half choosing to travel domestically. Budget as an influence on travel-making decisions seems to decrease the higher the age, this may be due to more financial stability with career progression. Vacations at all ages creates significant income towards the tourism industry, with baby boomers spending over $6,600 on their 2019 holidays and a third of millennials willing to spend $5000 or more on their travel a year.
Perhaps surprisingly, the demographics reported to have the most vacations is millennials with 35 days per year, that’s 6 more days than their predecessor of Gen Z at 29 days!
How do travel trends vary with age? The data shows significant differences in the booking habits of individuals depending on age. How Do Travel Trends do Travel Trends Differ Between Gen Z, Millennials, & Boomers? Discover Booking Habits, Spend & More!
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