Social media is a gateway to the world—but it’s influencing people to spend beyond their means to see it in real life.
A new report from Forbes Advisor revealed that 42% of travelers are overspending on trips just because they’ve seen the destinations come down their timelines.
Another 48% said they have traveled to a destination or landmark because they saw it on social media, the report states. The number increases f or younger people, where 57% of millennials shared they were moved to visit destinations they saw in posts and an another staggering 82% of Gen Zer said they’d traveled to somewhere, simply because they saw it on social media.
This may sound endearing (traveling the world has been proven to do wonders for mental health and emotional intelligence) but it’s proving to be harmful to wallets.
“Roughly four in 10 respondents (42%) have taken on credit card debt or spent more than they had originally budgeted on a trip after seeing a similar vacation on social media,” the report states. Similar to the demographics we saw making additional purchases after being influenced online, Gen Z was at the forefront of overspending, with 78% taking on credit card debt or otherwise spending more than budget. Approximately 50% of Millennials reported the same.”
It continues: “Those in higher income brackets weren’t pinching pennies either. More than half of respondents making at least $120,000 per year spent more than they originally budgeted and 47% of those making between $90,000 and $120,000 also took on debt or otherwise overspent.”
Travelers Are Spending Too Much On Destinations After Seeing Them On Social Media
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