Millennials are willing to spend $5000 or more on vacation, making them the age group that spends the most on travel — but Gen Z isn't far behind

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Millennials are willing to spend $5000 or more on vacation, making them the age group that spends the most on travel — but Gen Z isn't far behind
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One out of three millennials are willing to dish out $5000 or more on vacation, according to a Travelport report.

Young people ages 18 to 34 are most likely to spend more moey on vacations than other age groups. Thirty-three percent of polled millennials are willing to spend $5,000 or more on vacation.

A new report by Travelport says young people ages 18 to 34 are most likely to spend more money on vacations than other age groups.To break it down, one out of three millennials are willing to dish out $5000 or more on vacation. That's the most cash of any other age group.An Expedia poll shows millennials travel the most; 35 days each year to be exact. But Gen Z isn't far behind. They take 29 days vacation each year.

Almost 90% say their planning and inspiration comes from social networks like Facebook, Instagram and Snapchat.Gen Z spent about 25% of their budget on flights. That's the most of any other age group. They also spend less on hotels than other generations and are more likely to consider alternative places to stay.

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