A recent study by Booking.com, the platform for booking accommodations and other unique places to stay, car rentals and attractions, revealed how young people of this generation, throughout Argentina, Brazil, Colombia and Mexico, manage their budget strategically when planning their next trip.
Travel Preferences: A Commitment to Locality and Unique Experiences
The majority of Gen Z in these countries opt for short local trips, between 1 and 4 nights. In Argentina, 60% of young people plan this type of getaway, a figure that rises to 63% in Brazil, 73% in Colombia, and 72% in Mexico**. This behavior reflects a trend toward domestic tourism, where they can explore their own country without incurring high expenses.
Furthermore, this generation is not only looking for affordable destinations, but also prioritises experiencing unique experiences during their travels. 69% of Argentines and 68% of Brazilians are interested in activities such as skydiving or hot air ballooning. This interest decreases slightly in Colombia (62%) and is less pronounced in Mexico (45%)*.
Budget Management: Quality-Price, Discounts and Seasonality
Value for money is a key factor in travel planning for Generation Z. In Argentina, 52% of young people consider it essential, in Brazil 50%, in Colombia 39% and in Mexico 31%**. In addition, a large majority in these countries, especially in Brazil (77%) and Colombia (67%), say that opinions about value for money influence their travel decisions*.
To maximize their budget, Gen Z also pays attention to discounts and loyalty programs. In Brazil, 71% of young people take advantage of these offers, followed by 63% in Colombia, 56% in Argentina, and 44% in Mexico*. In this sense, Booking.com offers Genius, its loyalty program, which gives free lifetime access to exclusive travel rewards, whether they are closer or further from home.
Another common strategy among this generation is to travel outside of peak seasons to save money. In Colombia, 66% of young people adopt this practice, while in Brazil it is 61%, in Argentina it is 55%, and in Mexico it is only 44%*.
Finally, to stretch their budget as much as possible during the holidays, a significant portion of Gen Z cuts back on tips. This practice is most common in Brazil (51%) and Argentina and Colombia (44% each), being less frequent in Mexico (26%)*.
Latin America’s Generation Z is proving to be cautious and strategic when managing their travel budget in 2024. They prioritize meaningful experiences, seek out value-for-money destinations, and take advantage of every opportunity to save money, whether by traveling off-season, taking advantage of discounts, or adjusting their daily expenses during vacations. These trends underscore the value this generation places on personalized experiences and efficient management of their finances, which represents a valuable opportunity for the tourism industry in the region.
Source: Booking.com