BUFFALO, N.Y. (WBEN) – Have you ever decided to do something as a result of FOMO (fear of missing out)?
65% of Gen Z and 58% of Millennials in a new AAA and Bread Financial survey have traveled in the past 12 months or for an in-person event with 50 or more people in the next 12 months I answered that I am planning to travel. When attending an event several miles from home, such as a live concert, sporting event, comedy show, or book reading, more than one-third of respondents said their plans were rooted in FOMO beliefs. I'm answering.
Kevin Fairbanks-Bloom, senior travel advisor for Western and Central New York AAA, points to Taylor Swift's opening of her European tour as a prime example of an artist influencing the travel and spending habits of a younger generation.
“People are spending $500 to $5,000 for a ticket,” Bloom said. “And it's not like, 'I'm going to get a special box seat,' it's just going to an event. And we've seen that people are even willing to go abroad to get it. “tickets'' are cheaper than buying tickets for the event here in the US, so considering that's what's going on, that's also pretty great. ”
Bloom points out that the same holds true for sporting events. AAA said there was a lot of interest from people traveling to London last year to watch the Buffalo Bills play the Jacksonville Jaguars.
Research shows that FOMO has a significant impact on live event ticket purchases, with 34% of all travelers admitting that FOMO influenced their decision. 54% of Gen Z most often feel pressured to purchase event travel based on FOMO, while 83% of baby boomers say they resist such pressure .
Additionally, younger generations (Gen Z – 44%, Millennials – 43%) have emerged as the group most pressured to spend money on events they don't want to attend, resulting in them losing their savings or , some people may have to pay a small amount of money. debt.
“Some people are honest. They say, 'I really want to do this, so I'm borrowing money and putting it on a credit card,' and some people are actually taking extra part-time jobs to see what they're doing. Some people went to “I have the money, and I'm not cheating on this trip.'' Sometimes it's important to find accommodation that fits your budget, and you know it may not be close to the venue. You can get around and know how to use public transportation. So every situation is different, but if we really want to do an event, of course we find a way to make it work. They keep paying the rent, they keep putting food on the table. ”
A report from the San Francisco Federal Reserve shows that Americans estimate that the excess pandemic savings remaining in the U.S. economy has turned negative overall, showing that as of March 2024, U.S. households will have less pandemic-era savings. People are still looking for ways to save and save, even though they have used up all of their money. Take annual leave.
Did travel spending contribute to the rather rapid deterioration of these coronavirus funds? Simply put, they are not funds for those who cannot afford them.
According to the U.S. Bureau of Labor Statistics, the largest percentage of respondents said they spent or will spend their stimulus money on food (66%), followed by utilities and telecommunications (50%), and household goods and personal care (50%). 47%) followed. .
Bloom said international travel is expected to increase significantly in 2023 compared to 2019, and in 2024.
“It really shows that people are spending the money they have saved, and we see that this year the numbers are just as good, if not better, than in 2023. So people are saying, “Okay, now that I'm back in normal mode, I'm not scared to travel.'' I've had three honeymoon bookings to Japan in the last six weeks. . In other words, I have another reservation to go to Japan. People are traveling around the world again and are willing to spend any amount of money for special occasions and events. ”
