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When Wyatt Leonard set out on a road trip through the vast deserts of the American Southwest, he wasn't just looking to check off another destination on his travel list. For Wyatt, traveling is a means of self-discovery, a way to connect with the world around him. While he could have spent his earnings on the latest gadgets or luxurious possessions, he chose to invest in memories—memories that will stay with him far longer than any material item ever could.

Wyatt, like many in Generation Z, prefers to spend money on experiences rather than on things like cars, designer clothes, or gadgets. This shift in focus reflects a growing trend among his generation to value meaningful moments over material possessions.

The Shift Toward Experiences

Generation Z, born between the late 1990s and early 2010s, focuses more on creating memories than buying things. A study by Eventbrite found that 72% of Gen Z prefers spending money on experiences rather than material items. This is a big change from past generations, who often prioritized buying homes, cars, and other status symbols.

The reasoning behind this shift isn't hard to understand. Wyatt, for instance, points out that experiences enrich his life in ways that possessions simply can't. "The memories I make when traveling or going on an adventure are priceless," he explains. "They stick with you, change your perspective, and make life more exciting and meaningful."

Experiences and Well-being

But it’s not just about memories. Numerous studies have shown that spending on experiences leads to greater long-term happiness than spending on material possessions. Research from Cornell University found that the happiness we get from buying things doesn’t last long because we quickly get used to owning them. 

On the other hand, the excitement of looking forward to experiences (like trips or events) and the memories they create bring lasting happiness. For Gen Z, this happiness comes from a variety of activities like going to concerts, enjoying outdoor activities, or traveling. Even sharing these experiences on social media adds to the joy, as it connects them with others and helps create shared memories.

Gen Z is Shaping the Experience Economy

Generation Z is driving the growth of the "experience economy" by prioritizing meaningful experiences over buying physical goods. Deloitte found that people spent twice as much on experiences compared to physical items from 2011 to 2016, and this trend is continuing.

A 2023 report from American Express shows that 73% of Gen Z travelers plan to travel more, with many seeking unique, authentic experiences that allow them to connect with local cultures and positively impact the places they visit.

Wyatt embodies this mindset perfectly. As an advocate for sustainable travel, he incorporates environmentally-friendly practices into his adventures, such as using electric vehicles for road trips and supporting eco-conscious businesses along the way. 

"For me, travel isn't just about sightseeing," Wyatt says. "It's about leaving a positive impact on the places I visit, whether that's by choosing eco-friendly accommodations or supporting local businesses that give back to the community."

The Financial Savviness of Gen Z Travelers

Interestingly, despite their preference for experiences, Generation Z is notably financially conscious. A BCG study found that 70% of Gen Z travelers actively seek out travel deals, discounts, and loyalty programs to stretch their dollars further. Like Wyatt, many Gen Z travelers prioritize value and sustainability over luxury, opting for affordable but enriching travel experiences.

"I always look for the best travel deals," Wyatt shares. "It allows me to travel more frequently without breaking the bank, and I still get to have these amazing experiences that money can’t buy."

A New Definition of Success

Generation Z, including Wyatt Leonard, sees success differently than previous generations. Instead of focusing on money and material things, they value meaningful experiences and personal growth. For them, "having it all" means building strong connections, traveling with purpose, and living a life full of adventure. Wyatt embodies this mindset by living intentionally and making the most of every moment. He and his peers show that real wealth is found in life's experiences, not in material possessions.