1 in 3 Millennial, Gen Z travellers willing to spend more than double of average monthly income in Asia: Klook Survey
Survey findings state that 65 per cent of Millennials and Gen Zs also typically plan their vacations with a lead time of two to six months.
Travel has evolved beyond merely checking destinations off a list for Millennials and Gen Zs in the Asia Pacific region.
A survey by Klook revealed that a significant number of Millennial and Gen Z travellers are prepared to invest heavily in their trips. One in three of these travellers is willing to spend more than twice the average monthly income in Asia ($1,440), amounting to $2,700 or more for their upcoming holiday.
Over 90 per cent of Milennials and Gen Zs also prioritise unique and memorable experiences while travelling, with 85 percent indicating their willingness to allocate funds for such experiences during their vacation.
A noteworthy 83 per cent of Singaporean travellers are inclined to prioritise these experiences, with a strong desire to spend more on nature and outdoor experiences like nature and outdoor activities (63 per cent), theme parks (51 per cent), massages and hot springs (56 per cent).
While Gen Zs are just beginning to embark on their careers, they are not lagging behind their Millennial counterparts when it comes to splurging on travel. One in five Gen Zs is willing to spend over $4,000, trailing one in four Millennials who share the same sentiment.
For this group, social media ranks as the primary source of inspiration. Over half of them use the platforms to explore new destinations and experiences, favouring it over search engines and travel guides.
Although search engines remain the preferred choice for Millennials (59 per cent), social media comes a very close second (55 per cent), indicating its impact on the way travellers gather information.
Nine of out 10 Millennials and Gen Zs also check online reviews before making their bookings, and rely on travel content recommendations on social media when planning holidays.
The survey also revealed that a significant portion of Millennials and Gen Zs in the Asia Pacific region are increasingly adopting deliberate travel planning habits, with 65 per cent of them planning their holidays with a lead time of two to six months. Travellers ranking highest among this bracket come from Singapore (74 per cent) and Australia (57 per cent).
In its findings, Klook shared that there is a growing trend among Millennials and Gen Zs to choose domestic travel (27 per cent) or destinations within the Asia Pacific region (52 per cent), with Japan (41 per cent), Malaysia (33 per cent), and Korea (25 per cent) ranking as the top three travel choices.
Eric Gnock Fah, COO and co-founder of Klook believes that the shift is a “testament to their increasing desire for authentic experiences.”
“Social media has undeniably become a powerful and dynamic source of travel inspiration among Millennials and Gen Zs. This paradigm shift is indicative for the demographic’s desire for meaningful connections and seamless exploration,” Eric said.