COLUMBUS, OH (April 16, 2024) – A new study conducted by AAA and Bread Financial has revealed that younger generations are significantly impacting the landscape of live event travel. According to the survey, approximately three in five Gen Z and Millennial respondents have either traveled or plan to travel for in-person events like concerts, sporting events, comedy shows, and book readings that are more than 50 miles from home.
The study found that younger travelers are willing to go the extra mile, with more than half of Gen Z travelers opting for plane travel and a significant portion being open to traveling long distances. Paula Twidale, senior vice president of AAA Travel, noted, “Gen Z and Millennial travelers are taking their trips to the next level by going farther and spending more than other generations for live events. They don’t want to miss out and will do what it takes to see their favorite artist, sports team, or other live event in person.”
Furthermore, the survey highlighted that younger generations are the most willing to spend on live events, with a significant portion investing between $500 and $5,000+ on tickets alone. Many Millennials and Gen Z travelers are even willing to dip into their savings or take up a side hustle to fund their event travels.
The influence of FOMO (fear of missing out) was also evident in the study, with more than one-third of travelers admitting it played a role in their decision-making process. Younger travelers, particularly Gen Z, were more likely to succumb to FOMO pressures compared to Baby Boomers who resisted such urges.
When it comes to preferred event destinations, travelers showed a strong inclination towards states like New York, Florida, and California, with cities such as Las Vegas and Chicago being top choices. Additionally, famous event venues like Madison Square Garden and Radio City Music Hall were popular among respondents.
While travel expenses and event ticket prices were identified as inhibiting factors for live event travel, the survey emphasized the importance of achieving a balance between managing finances and the desire to attend live events. Nick Antonelli, chief marketing officer at Bread Financial, stated, “These results show that while plenty of consumers are hitting the road for fun events, many are cognizant of their budgets, and being purposeful around achieving a healthy balance between managing their finances and desire to travel and attend live events.”
The online survey, which included 1,654 U.S. respondents aged 18 and above, provided insights into how different generations approach travel for live events and manage their finances in relation to experiential moments in time.
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