Travelers continue to put experiences at the heart of their plans, and airlines, banks and hotels are responding with a range of offers that money alone often can’t buy.
Credit cards, in particular, aim to attract travelers with once-in-a-lifetime experiences, including exclusive concerts, dinners prepared by celebrity chefs, lavish travel packages with celebrity appearances, and access to VIP areas at major events, including film festivals and art fairs. These types of experiences, in turn, whet the appetite that continues to drive growth in the experiences industry.
Experts say exclusive and authentic experiences have become more attractive to travelers and sometimes even determine their choice of destination. According to several studies, this trend is particularly pronounced among Millennials and Generation Z.
“Gen Z is the most travel-hungry generation, not in the sense of luxury, but in the sense of ‘getting experiences early and often,'” said Erifili Gounari, CEO and founder of Z Link, a marketing agency focused on younger generations. “A big change I’m seeing is that Generation Z is viewing travel less like a vacation and more like a form of self-development, which is why programs that offer meaningful or exclusive experiences resonate so well with them.”
Tour operators say they see experiences as an opportunity to attract new audiences, cement their loyalty and convince them to spend more with their companies.
The space is becoming increasingly crowded as customers book experiences not only while traveling but also in everyday life. Industry giant Airbnb, for example, is making a big push for travelers looking for experiences, increasing the number of events hosted by tastemakers in cities around the world, with options like training with an Olympic bobsledder in Milan and marble carving with a sculptor in Greece.
Credit cards, hotels and airlines have also tied many of these experiences to loyalty programs available, sometimes exclusively, with points and miles, a pivot that reflects the struggle to win over increasingly fickle Millennial and Gen Z customers.