Millennials are willing to spend $5000 or more on vacation, making them the age group that spends the most on travel

Millennials are the generation driving growth in the travel industry, but Generation Z is emerging as an age group to watch, as well.
Young people ages 18 to 34 are most likely to spend more moey on vacations than other age groups. Thirty-three percent of polled millennials are willing to spend $5,000 or more on vacation.
Millennials are also the generation that travels the most: 35 days a year. But Gen Z isn’t far behind. They take 29 days a year.

Following is a transcript of a video.

Narrator: YOLO. That’s what millennials are thinking when they book their vacation. Make that mutiple vacations. This generation is known for their desire to travel. And that fact doesn’t seem to be changing anytime soon.

A new report by Travelport says young people ages 18 to 34 are most likely to spend more money on vacations than other age groups.

But, what does that actually mean?

To break it down, one out of three millennials are willing to dish out $5000 or more on vacation. That’s the most cash of any other age group.

And Gen Z seems to be following that same path.

An Expedia poll shows millennials travel the most; 35 days each year to be exact. But Gen Z isn’t far behind. They take 29 days vacation each year.

And when it comes to planning out those travel plans this part’s not surprising: Gen Zs are heavily influenced by social media, acording to the poll.

Almost 90% say their planning and inspiration comes from social networks like Facebook, Instagram and Snapchat.

But where’s their money going exactly?

Gen Z spent about 25% of their budget on flights. That’s the most of any other age group. They also spend less on hotels than other generations and are more likely to consider alternative places to stay.

Then there’s Gen X with other priorities, you know, like family and work. They’re the most travel deprived with only 26 vacation days per year.

But with more Americans than ever holding a passport in 2017, we could see even more people getting in on the travel trend.