The Travel Trends Birthing a New Wave of Entrepreneurship (ft. @travelmatekate)
It used to be that a career, a house, and a car were the markers of a life well lived. Today, however, young people are exploring alternative lifestyles in the face of economic volatility.
This isn’t a groundbreaking observation, but this shift feels particularly pronounced amid ceaseless layoffs and rising concerns that AI is replacing the entry-level employee. And, anecdotally, many of my Zillennial and Gen Z friends accept the notion that they’ll likely never be able to own a home*.
In response to these shifts, and perhaps as an extension of “little treat culture,” Gen Z are investing more in travel and experiences than previous generations. According to a report by McKinsey, Gen Z take more trips and spend a greater percentage of their income on travel than older generations. It seems in today’s context, the pursuit of a life well traveled might be an easier way to perform adulthood and independence than seeking a life defined by traditional success measures.
In a conversation with Kate Staudenmaier (@travelmatekate), Global Travel Advisor at Fora Travel, we discussed these trends further and she shed a bit of light on young adults’ mindsets toward success and travel. According to Staudenmaier, “People don’t need to have [a] sense of home in a physical place anymore. Young people are traveling because home is within them.”
This insight frames Gen Z’s outsized investment in travel in a more optimistic light. And suggests there potentially are larger changes in young peoples’ sentiments toward long-term travel or relocation.
Lopo Prediction: If these trends persist, they will birth a new wave of travel-based entrepreneurship.
Lopo Provocation: How can your business take advantage of these trends to develop a new product or harness a new audience?
Examples of established and emerging travel-centric entrepreneurs:
Travel content creators who embarked on a 1-year trip around Asia, documenting the trip and building a monetized audience on multiple platforms.
Influencer turned founder of packing cube company, Pastael
OG travel vlogger with a variety of offerings, including the Global Citizen Travel Course, which sets out to help people set up lives internationally
