Young travellers have bigger budgets but…this is what Hopper report reveals

Assuming that Millennial and Gen Z travellers have an unlimited budget is an inaccurate assumption.

Sounak Mukhopadhyay
Updated7 Apr 2023, 10:54 AM IST
The report by travel booking app Hopper states that the majority of its users, who are mainly Millennials and Gen Z, intend to increase their expenditure on travel in 2023, with 84% planning to do so.
The report by travel booking app Hopper states that the majority of its users, who are mainly Millennials and Gen Z, intend to increase their expenditure on travel in 2023, with 84% planning to do so.

Millennial and Gen Z travellers are increasing their travel budgets for 2023 but are also becoming more cost-conscious when booking flights and hotels, according to a report by travel booking app Hopper.

The company's 2023 Travel Trends Report, which surveyed 1,500 Hopper users, found that 84% of its primarily Millennial and Gen Z users plan to spend more on travel in 2023. However, they are also becoming increasingly price sensitive and only booking travel when the price is right.

According to Hopper economist Hayley Berg, it's not accurate to assume that Millennial and Gen Z travellers have limitless budgets and are spending all their money on travel. Instead, they are being highly attentive to prices to make the most of their budget.

The trend could eventually impact the growth of airline, hotel and leisure companies that have benefited from rising prices and pent-up demand.

Also Read: Visit THESE 'less-explored travel destinations' before they become popular

Hopper users, who already tend to book the cheapest flight available more than half the time, are now checking prices even more frequently than they did in 2019. The company reported that users checked prices of domestic trips in 2022 an average of 16 times before booking, a 33% increase from 2019. Prices for international trips were checked 50% more often than in 2019.

Berg commented that, despite planning their trips closer to the date of travel, Millennial and Gen Z travellers are checking prices more frequently both before and after making their bookings. The report also revealed that travel planning time has decreased 30% compared to 2019 levels.

Also Read: Travelling on a budget? Countries you can visit in under 3,000 per day in summer 2023

Although Millennial and Gen Z travellers typically booked their travel earlier than the rest of the population in 2019, they are now becoming more averse to booking, according to Hopper. About 70% of Hopper users are between ages 18 and 35.

Catch all the Business News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.

MoreLess
First Published:7 Apr 2023, 10:54 AM IST
Business NewsNewsWorldYoung travellers have bigger budgets but…this is what Hopper report reveals

Get Instant Loan up to ₹10 Lakh!

  • Employment Type

    Most Active Stocks

    Indian Oil Corporation share price

    138.90
    03:59 PM | 4 NOV 2024
    -6.1 (-4.21%)

    Tata Steel share price

    146.95
    03:56 PM | 4 NOV 2024
    -2.75 (-1.84%)

    Reliance Industries share price

    1,302.00
    03:59 PM | 4 NOV 2024
    -37.1 (-2.77%)

    Tata Motors share price

    824.10
    03:59 PM | 4 NOV 2024
    -19.5 (-2.31%)
    More Active Stocks

    Market Snapshot

    • Top Gainers
    • Top Losers
    • 52 Week High

    City Union Bank share price

    178.10
    03:29 PM | 4 NOV 2024
    0.25 (0.14%)

    Federal Bank share price

    204.15
    03:59 PM | 4 NOV 2024
    -0.1 (-0.05%)

    Jubilant Pharmova share price

    1,252.35
    03:40 PM | 4 NOV 2024
    -11.65 (-0.92%)

    UTI Asset Management Company share price

    1,326.85
    03:29 PM | 4 NOV 2024
    -33.4 (-2.46%)
    More from 52 Week High

    Poly Medicure share price

    2,876.70
    03:43 PM | 4 NOV 2024
    -286 (-9.04%)

    Vodafone Idea share price

    7.89
    03:59 PM | 4 NOV 2024
    -0.56 (-6.63%)

    Chennai Petroleum Corporation share price

    614.70
    03:45 PM | 4 NOV 2024
    -40.85 (-6.23%)

    Angel Broking share price

    2,886.35
    03:59 PM | 4 NOV 2024
    -184.55 (-6.01%)
    More from Top Losers

    Fine Organic Industries share price

    5,123.00
    03:29 PM | 4 NOV 2024
    280.9 (5.8%)

    Firstsource Solutions share price

    358.85
    03:50 PM | 4 NOV 2024
    18.55 (5.45%)

    Rainbow Childrens Medicare share price

    1,630.70
    03:59 PM | 4 NOV 2024
    81.1 (5.23%)

    Gillette India share price

    10,323.35
    03:29 PM | 4 NOV 2024
    361.55 (3.63%)
    More from Top Gainers

    Recommended For You

      More Recommendations

      Gold Prices

      • 24K
      • 22K
      Bangalore
      80,415.000.00
      Chennai
      80,421.000.00
      Delhi
      80,573.000.00
      Kolkata
      80,425.000.00

      Fuel Price

      • Petrol
      • Diesel
      Bangalore
      102.92/L0.00
      Chennai
      101.03/L0.23
      Kolkata
      104.95/L0.00
      New Delhi
      94.77/L0.00

      Popular in News

        HomeMarketsPremiumInstant LoanMint Shorts