Millennials and Gen Z are showing a strong willingness to spend significant amounts of money on live events such as concerts, sporting events, and other in-person experiences. This trend reflects a shift in priorities and values, with younger generations placing a high importance on experiences and travel.
### Key Insights:
- Spending on Live Events: According to the report, 37% of Gen Z and 39% of millennials have spent between $500 and $5,000 on tickets for destination live events such as concerts and sporting events.
- Traveling for Events: A significant percentage of Gen Z (65%) and millennials (58%) have traveled more than 50 miles from home for in-person events in the past year or plan to do so. This is higher compared to Gen X (43%) and baby boomers (27%).
- Willingness to Dip into Savings: Many younger travelers are willing to use their savings to cover the costs of events (42% of millennials and 37% of Gen Z). Some are also willing to take on side hustles (29% of Gen Z and 33% of millennials) or go into debt to travel.
- International Travel for Savings: Gen Z (48%) and millennials (42%) are willing to travel internationally to save money on concert or event tickets, reflecting a dedication to affordability and experiences.
- Gig-Tripping: The trend of traveling to attend live events is often called "gig-tripping" or "sound tripping," reflecting the desire for immersive experiences.
- Concerns and Considerations: Younger generations may experience stress and concerns about the logistics and expenses associated with travel for events. Guides and tips are available to help plan and navigate these trips.
The willingness of millennials and Gen Z to spend significant amounts on live events and travel highlights their strong desire for meaningful experiences and a dedication to pursuing their interests. This trend is likely to continue as younger generations prioritize experiences over material possessions.
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