There has been a lot written over the last few years about how the COVID years changed the work habits of the young and have had a lasting impression on people in many of their habits and thoughts. One new example that is emerging is the desire for many (in America) to focus on vacationing, even at the expense of incurring debt.
According to a 2023 study from the website WalletHub, 25% of Americans interviewed said that it was worth going into debit to enjoy a great vacation. Professor of public policy at USC Elizabeth Currid-Halkett explains that, “We wouldn’t have been able to predict it, the way the pandemic affected different generations in different ways, but the idea that our friends matter, living life matters, how important living a good life is – that has led to a change in how people spend their money. When you’re young, you don’t have money to shift into another area, but you can say, ‘I’ll think about this later and live my best life right now.”
Certainly, a number of factors play into these decisions. With the social media boom and the visual of so many people traveling, many people feel both left out and that travel is accessible and easy for all. There is also the idea that people may be “doomspending” and Alex King of the personal finance website Generation Money puts it.
