Although the average American has $6,354 in outstanding credit card debt, travel is still a chief priority for many individuals. ValuePenguin polled more than 1,000 Americans and found that most would use an unexpected $1,000 cash gift for paying off debt and saving, followed by travel. Just 10% said they would go shopping with the money, indicating most people prefer to spend their money on meaningful experiences away from home.
- 49% of millennials are willing to take a pay cut for a free vacation (compared to 38% of Gen Xers and 29% of baby boomers).
- Millennials are more likely than baby boomers to say travel is "extremely important" to them personally (17% versus 11%).
- Millennials are more willing to travel solo than other generations (81% are either willing or have done so before, compared to 69% of Gen Xers and 56% of baby boomers).
- For a free vacation, millennials are more likely than other age groups to say they'd give up watching TV, using smartphones and buying coffee for a year. Gen Xers are more likely to agree to forgo meals out, while baby boomers are more likely to cut off buying new clothes.
Would you be willing to take a pay cut of $2,500 each year if it meant you could take a vacation?
Millennials are more willing to take a pay cut in order to take a vacation.
17% of millennials say travel is "extremely important" compared to just 11% of baby boomers
Our survey found that 17% of millennials feel travel is extremely important, compared to just 11% of boomers. Baby boomers are more likely to say travel is "not at all important to them" compared to millennials (18% versus 13%).
Though millennials place a greater emphasis on the importance of travel, baby boomers are more likely to spend an unexpected cash gift on travel (17% versus 13% of millennials), while millennials are more likely to either invest the money (10%) or go on a shopping spree (12%).
We asked all generations how they would most want to spend an unexpected cash gift of $1,000. Here are the responses:
Millennials are more likely to travel solo than other generations
Would you ever take a leisure trip by yourself?
|Yes I am willing or have done so||% of age group|
Traveling solo is a popular option across all age groups, with millennials the most likely to travel solo (80.6%) and baby boomers the least likely (56.2%). Nearly three-quarters of Gen Z and Gen X respondents also said they would take a leisure trip alone.
However, when looking at the breakdown by gender identification, it's clear that men are much more comfortable traveling alone than women. As much as 53% of men have traveled alone in the past, in contrast to 31% of women. In addition, 42% of women said they would never travel alone for leisure, while only 20% of men felt that way.
ValuePenguin commissioned Qualtrics to conduct an online survey of 1,009 Americans, with the sample base proportioned to represent the general population. The survey was conducted July 1–3, 2019.