There’s good reason to think that the summer of 2026 will see a reduction in travel among seasonal vacationers. A looming oil crisis is threatening to usher in a new period of European stagflation, primarily hitting the pockets of those under 40 with less stable economic circumstances. As if that isn’t bad enough, 13,000 flights have already been cancelled due to the immediate fuel shortages caused by the Iran War. Yet, for many millennials, travelling isn’t an optional extra to forego in times of increasing hardship.
Middle-earners among the generation which has come of age since the 2008 financial crash see enjoying leisure time abroad as indispensable to an annual budget, no matter how far that budget is getting stretched by the cost of living.
Whether it’s Interrailing or home exchanges, we millennials simply must find a way to see the world.
For some, travelling comes at the expense of saving to buy a house, setting up a private pension, or even having kids. For others, it can mean limiting your opportunities for a job promotion or permanent employment.
To previous generations, the idea of spending money and time traditionally reserved for these long-term personal investments on the momentary joys that new travel experiences bring probably seems like madness. But to those who’ve spent at least half their lives in a world of mortgage defaults, collapsing public services, precarious work contracts, climate disasters and extreme insecurity all-round, it makes perfect sense.
Future? What future?
We now live in an age of mass tourism, in which even fuel shortages or a global economic meltdown aren’t going to dissuade millions of sunseekers and adventurers from forking out hard-earned cash on their travels. It’s unquestionably millennials and, to a lesser extent, Gen Z who are at the forefront of this trend, which is partly driven by the proliferation of budget airlines and low-cost accommodation options.
But the underlying reason for the accelerating growth of the tourist industry is that younger generations have essentially given up on the idea of saving for a rainy day. As Business Insider explains, under-40s don’t see the point of investing in a future that might not even happen, with the postwar political consensus disintegrating, the world economy stumbling from one crisis to another, and climate change a very real and present phenomenon.
Millennials are the first generation in modern history to face lower living standards than their parents. For around half of us, homeowning is now just a pipedream. Pensions have turned from a non-negotiable employment right into a personal luxury. Meanwhile, according to a survey by the insurance company MassMutual, one in four millennials can’t afford to have children.
So, why bother even trying with any of these long-term life goals? With little or no prospects of affording them later, isn’t it more logical to spend on enjoying the now?
Experience over investment
A recent survey by McKinsey & Company shows that millennials and zoomers are almost twice as likely as baby boomers to view travel as a key priority in their lives. As opposed to investments we’re unlikely ever to see a return on, we value present-day experiences in far-flung destinations, whether that entails a short trip or a whole new home.
This wanderlust forms an important part of an even broader trend among younger generations, which emphasizes the experiential over the enduring and imperishable. Millennials, in particular, are far more inclined to spend our money on sharing time with friends, trying a new cuisine, or picking up a new hobby than on filling our houses and wardrobes with expensive things.
Of course, the other side to our insatiable need for new experiences is that many of these moments end up getting broadcast across social media, in a manner that can sometimes make them feel detached, inauthentic or indistinguishable from the experiences of others. Still, what we make of our travels is separate from the reason we travel in the first place.
See the world before it burns!
Thanks primarily to millennials and Gen Z, the tourism industry should go some way to defying expectations of a slump this summer. In fact, the Iran War has probably put even more pressure on European tourism in the short term, not less. There’s just too much of the world out there to enjoy right now, from spectacular natural landscapes and architectural wonders, to countless vibrant and illuminating cultures, and adventures beyond the wildest imaginations of those back home.
If the planet is heating up and society is reaching breaking point, then all the more reason to experience today what might be gone tomorrow. The attitude to travel which makes millennials and Gen Z seem reckless and uncaring is often born out of profound realism and an unquenchable zest for life that’s best expended as far and wide as possible.
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See more about travel here in Dispatches’ archives.
Read more from Alex here.
Alex Beaton
Alex Beaton is a writer from London, UK. His published works include a guide to starting a business in Warsaw, a fictionalised account of his time living in Egypt, and a 2013 report of the political situation in Bulgaria. He has also written extensively about his travels in France, Portugal, Italy and Malta.
