The latest Amex Trendex, a trend index that tracks how adult U.S. consumers with an income more than $50,000 are feeling about spending, saving, traveling and other current events, looked to reveal how younger generations are planning to spend this summer. With a survey of 2,000-plus consumers, the report revealed that, overall, Millennial and Gen Z respondents are going to “prioritize spending habits that make room for what they love most.”
One key takeaway from the Trendex is an ongoing desire to “have fun” this summer, with women leading the way. Shopping for clothes and/or shoes to prepare for summer trips (and the events they will attend) was the top reason cited for shopping by Millennial and Gen Z consumers with 70 percent revealing plans to add to their wardrobe.
Notably, the sentiment mirrors spending trends from summer of 2023, which saw economic growth driven by women who attended many popular national stadium tours (including Taylor Swift and Beyoncé shows) as well as creating fanfare with the “Barbie” movie. According to Amex’s report, female consumers are once again planning to attend concerts and music festivals this summer.
Unsurprisingly, traveling abroad for a concert or sporting event this summer was ranked as the second most likely reason to shop and spend this summer with nearly 40 percent of Millennial and Gen Z consumers revealing their plans to do so.
Overall, 81 percent of Millennial and Gen Z respondents said they have summer travel plans with many prioritizing traveling over this summer with many reporting traveling for specific activities like wellness or entertainment. Forty-three percent of Millennial and Gen Z women said they plan to attend entertainment experiences this summer “because they want to cross it off their bucket list.” More than half (51 percent) of Millennial and Gen Z women said they have made plans to attend music festivals or concerts this season.
Both during travels and at home, these consumers also said they will be making an effort to visit restaurants with hard-to-get reservations and food festivals. At the same time, 66 percent of Millennial and Gen Z consumers said they are spending at least $40 on takeout per week.
Still, even with increased spend on restaurant dining (and 20 percent of Millennials and Gen Z respondents reporting tipping higher than last year), the third highest reason to shop this summer is to gift their pets. Thirty-four percent of Millennials and Gen Z with a significant other and a pet agreed that they would “rather buy a gift for their pet than for their partner.”
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