According to the travel booking app, Hopper, a majority of Millennial and Generation Z travellers are planning to increase their travel budgets for 2023. However, they are also growing more cost-conscious in terms of flight and hotel bookings. Despite the eagerness of U.S travel companies, which reported no signs of slowing demand, Hopper highlighted that it is observing customers booking travel only when the price is right. This cost-conscious behavior threatens to curb the growth of businesses in the airline, hotel, and leisure sectors, which have enjoyed the benefits of rising prices and pent-up demand. Hopper’s 2023 Travel Trends Report revealed that around 84% of its users, who are primarily Millennial and Gen Z travelers, intend to spend more on travel in 2023. Notably, 70% of Hooper’s users fall within the age bracket of 18 to 35.
The Hopper app reports that Millennial and Gen Z travelers possess larger budgets, yet still pursue deals.
