New research shows that younger travelers, Gen Z and Millennials, are putting more thought into their travel plans when looking for great deals and traveling further afield for experiences and events. Ta.
Audrey Hendry, president of American Express Travel, joins Yahoo Finance Live to share her perspective on travel booking as younger generations explore more traditional means of adventure, such as relying on travel agents. I am.
“Like everything else, the role of the travel agent is modernizing. These customers are turning to travel agents because… they want to go farther, they want to do bigger expedition-type trips. Because it's tied to their desire,” Hendry explains. “Travels are usually more expensive and over longer distances, so we rely on travel agents to give us more insight, help us plan a little better, and help us understand what the experience will be like when we get to our destination.” I'm seriously thinking about what I want to do.”
For more expert insights and the latest market trends, click here to watch the full episode of Yahoo Finance Live.
Editor's note: This article was written by luke carberry morgan.
video transcript
Julie Hyman: Gen Z and Millennials are becoming airport dads. Here's what a new study from Amex Travel says. Many young travelers carefully plan their trips to get the most out of every dollar. Amex Travel President Audrey Hendry explains the latest travel trends. Audrey, thank you for being here. So what struck you about this study? You know, these people are spending more time and more attention planning their trips?
Audrey Hendry: We've been keeping a close eye on Millennial and Gen Z trends in particular, so here are a few that stood out to us. They are budding travelers and are very ambitious to travel around the world. I heard that you use a travel agency. They have all the travel hacks they use to travel around the world. They are traveling for a sporting event. And there are many people who actually travel alone around the world.
Josh Lipton: And Audrey, I'm curious. When you talk about Millennials and Gen Z, you have a lot of data and insight. Are they — are they now traveling more than baby boomers? If so, are you adjusting your products and services accordingly?
Audrey Hendry: Yeah. We are continuing to make travel arrangements. American Express has attracted many new customers, including Millennials and Gen Z. So we've been doing all kinds of things. It's like changing your airport lounge experience when you're traveling. We have continued to change the hotels we work with and the destinations we serve. As you can imagine, this is an iterative process. We have been in the travel business for over 100 years. So there's a lot of innovation happening. I talk a lot with customers. And as you say, we look at a lot of data.
Julie Hyman: Another number that surprised me was that 58% of Millennial and Gen Z respondents want a travel agent or trusted advisor to help them book their trip. Now my grandmother was a travel agent. I'm– I'm– you know, I think like a travel agent, you walk into the office. There are posters of different places to visit, but I don't think this is what travel agencies look like today. So, could you please help explain who these people who are seeking this support are turning to?
Audrey Hendry: Yeah. We have thousands of experts around the world. And you're right that, like everything else, the role of travel agents is also being modernized. And these customers go to travel agencies because they want to. It's tied to their desire to go further, to travel on larger expeditions. Usually the price is higher and the distance is longer. So they're turning to travel agents to gain more insight, plan a little better, and really think about what kind of experience they want when they get to their destination. . So, while the nature of what travel agents do has changed, they still add significant value, especially for large-scale, high-value travel.
Josh Lipton: And Audrey, you guys at American Express have been helping people travel around the world for a long time. I'm just curious. Audrey, looking at current trends and data, is travel in general doing as well as you expected right now?
Audrey Hendry: Yeah. Demand remains very strong. However, there are many differences in terms of what people want to do once they reach their destination. They are becoming a little more spontaneous. They don't follow lists as much as they used to. And since they're going far, they're trying to find an itinerary that will create longer lasting memories. Travel is becoming more expensive. And they're really intentional about where they go on vacation.
Julie Hyman: Audrey, thank you so much. Thank you from the bottom of my heart. Go into the weekend with travel in mind. appreciate.
Audrey Hendry: thank you.
