It has nothing to do with how much avocado toast you eat
What a trip.
More than one in four millennials (43%) say they feel more cultured than peers who have not traveled as extensively as them, according to a survey of more than 1,000 people ages 18-37 that payment app Circle Pay shared with Moneyish.
This speaks directly to millennials’ obsession with travel — even at the expense of other things in their lives. Indeed, travel is “so important to this generation that it ranks higher than escaping from their student loans, buying a ‘big ticket’ item, improving relationships with family and friends or even starting a family of their own,” according to a report released last year by marketing consultancy FutureCast.
Why are they so obsessed? It may be because, to millennials, traveling is a way to “advance their personal identity” through new adventures and then becomes “a part of their identity,” the researchers write — and so those who don’t travel as often may be seen as lesser.
Whatever the reason for it, one thing is clear: They’re putting their money towards getting out of town — even when it messes up their financial future. More millennials are putting money away to fund travel than are towards paying off debt, buying a car or buying a home, according to a survey of millennials in the US, UK and China released last year. And while 18% plan to set aside zero dollars for retirement, only 10% are willing to skip financing a vacation this year, the Circle data revealed.
Now, millennials have the highest average spending per trip ($879.30) of any generation, the FutureCast report revealed. And many of them will spend far more: The Circle report revealed that more than half of millennials say they plan to spend more than $1000 on travel this year, with nearly 10% planning to drop more than $5000.
It’s money well-spent, according to many millennials. Just ask 29-year-old Henrik Jeppesen — who has already traveled to every country on earth. When he spoke to Moneyish earlier this year, he called his experiences life-changing, noting that now he is “more open” to the world and lucky to now have many friends scattered around the globe.
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