Generation Z Hongkongers think spending their money on travel is a greater priority than purchasing material possessions, according to a new report.
Travel fare aggregator Booking.com has conducted a global research study to gather insights regarding Generation Z travellers aged 16-24. When asked what they planned to spend money on over the next five years, 59% of Hong Kong respondents said they would travel and see the world. Saving for a down payment on a property came second at 51%, nine percentage points lower than the global average.
When it came to travel plans, Hong Kong’s Generation Z had an optimistic outlook on travel, as 59% of them were excited about all the places they’d travel to in future. They also had goals to explore distant places in the world with more than three in ten (36%) planning to visit at least three different continents over the next decade, and 33% intending to study or live in foreign countries.
Also, more than half (53%) of the study’s respondents said they had plans to have an adventure during their trips, such as paragliding or bungee jumping, with 44% planning to visit or trek into extreme locations.
As Generation Z are still a young demographic, about one-third of respondents said they travelled with their families since they didn’t have enough money. However, when they become financially self-sufficient, a fourth of them would travel alone at least once in the next decade. 35% even said they preferred to travel alone, the highest among all other age groups.
Compiling a travel bucket list was also common among respondents, with two-thirds of them already having made one. Reasons for creating a list included the sheer enjoyment of thinking about the places they were planning to visit (41%), as well as getting satisfaction from travelling to places on their bucket lists as soon as possible (22%). It also helped several of them to keep track of any amazing places that they’d previously never heard of (20%).
As for social media, 43% got inspiration from influencers on Instagram to plan their trips.
“As the first generation of digital natives comes of age, it’s exciting to see this research reveal that Generation Z travellers are a determined group. The excitement to explore means they have mapped out many of their future travel plans already,” said Ram Papatla, vice president of global experiences of Booking.com.