Inflation is surging and recession fears are growing — but young Americans plan to live life to the fullest this summer, even if they have to eat into their savings or go into debt, according to a report by Bloomberg.
After more than two years of Covid-related restrictions, Gen Z and millennials are more likely than their older counterparts to travel this summer, to spend more on those trips than in previous years, and to take on credit-card debt, according to a survey from Verasight commissioned by Bloomberg News.
“There’s that need to get out there and enjoy yourself after two years of being cooped up,” said Jennifer Lee, senior economist at BMO Capital Markets.
Around two-thirds of Millennials (69%) and Gen Z (65%) plan to travel for vacation this summer, outpacing Gen X and baby boomers, according to the Verasight survey, which polled 1,521 adults in early May. They’re also more likely than their older counterparts to spend more on vacations this summer than in previous years.
This spending comes at a time of growing economic uncertainty. Consumer prices rose 8.3% in April, among the highest readings since the early 1980s, and prices for airfares and hotels have both surged. To make matters worse, the odds of a recession in the next year are steadily rising.
