As Drake said, we’re here for a good time not a long time. It seems like a large group of young adults are taking that lyric to heart, and it’s apparent in the way they’re choosing to spend their money.
A new report from American Express revealed that almost two-thirds (65%) of Millennial and Gen-Z respondents to a survey conducted by the finance company have been saving money over the past six months to pay for experiences this summer.
Another 24% of those surveyed are spending more money on dating compared to pre-pandemic.
This is surprising since inflation has made everything more expensive, even love.
As previously reported by ESSENCE, wining and dining a romantic interest with rising inflation rates is shifting the landscape of dating practices. According to a 2022 Bloomberg report, the consumer price index category for food away increased 7.7% in June from last year, while full-service restaurants went up to 8.9%. Grabbing a simple cocktail isn’t as easy either since costs for alcoholic beverages increase by 4% since 2021 as well.
The new data from AmEx suggests young adults are willing to make certain financial sacrifices to create meaningful memories.
“Experiences are at the heart of what millennials and Gen Z care about,” Howard Grosfield, President, U.S. Consumer Services at American Express told ESSENCE. “Our survey shows they’re saving for worthy splurges and willing to spend more on once-in-a-lifetime experiences, from trips and concerts to sports.”