Gen Zs are spending significantly on travel this summer, even if it means going into debt. According to an April report by the market services firm PMG, both Gen Zs and millennials are driving a surge in travel spending this year. American Express ($AXP) has seen a notable increase in new accounts, with over three-quarters of new Gold and Platinum cardholders in 2023 being Gen Z or millennial-aged. Many young consumers are opting for the $695 Platinum card directly, bypassing free cards. This trend indicates a shift in financial behavior among younger generations, who may not have the same reluctance towards credit cards as some millennials who started their financial lives around the 2008-09 financial crisis. “It may be the case that a cohort of millennials, some of whom started their financial lives around the time of the 2008-09 financial crisis, did feel some reluctance about credit cards. But Gen Z members who have entered early adulthood may not suffer the same hangup.”
American Express Zooms Ahead as Gen Z Gets Hooked on Card Rewards https://t.co/UIjZX7Tm6F
Over three-quarters of new accounts acquired by Amex in 2023 for Gold and Platinum cards were Gen Z or millennial-aged Many young consumers are going straight to the $695 Platinum card, rather than starting with free cards @telisdemos @WSJheard https://t.co/pry7ObCfoy
“It may be the case that a cohort of millennials, some of whom started their financial lives around the time of the 2008-09 financial crisis, did feel some reluctance about credit cards. But Gen Z members who have entered early adulthood may not suffer the same hangup.” $AXP https://t.co/Gub2hvXvEG
Gen Zs, together with millennials, are at the helm of a surge in travel spending this year, according to an April report published by the market services firm PMG. https://t.co/dAwAJWVbCm
Gen Zs are spending big to travel this summer — even if it means going into debt https://t.co/sM3hKf8xFw