According to an announcement by Mastercard on November 26, 2024, a new survey exploring the preferences of Europe's Gen Z reveals that experiential gifts are gaining popularity among younger Europeans. The survey found that almost two thirds of 18- to 24-year-olds are increasing their spend on experiences this year, more than any other age group in Europe.

The experiences that are having the biggest impact on Gen Z are visiting a bucket-list destination, seeing a live performance of their favorite artist, eating at a dream restaurant, and staying at a unique or world-famous hotel. Nearly half of the Gen Z respondents cite personal connections as their primary reason for investing in an experience.

Beatrice Cornacchia, executive vice president of Marketing and Communications for Asia Pacific, Middle East & Africa, Europe at Mastercard, stated that this holiday season is the perfect time for European shoppers to rethink what truly brings joy, especially when choosing gifts for teenagers and young adults. Cornacchia added that experiential gifts resonate powerfully with Gen Z, giving them opportunities to share special moments with friends and family.

The survey also found that younger generations are seeking both grand and more intimate, local experiences. Travel and tourism rank as the most sought-after experiences among Gen Z, with 50% wanting to try more of them. The survey was conducted by Mastercard with its research partner Vitreous Worldwide, sampling 16,141 respondents from 20 markets across Europe and other countries.

The findings of the survey suggest that Gen Z wants gifts that bring adventure, connection, and lasting memories, rather than just physical products. This shift in consumer preferences towards prioritizing experiences could have implications for the gift-giving industry and businesses that cater to Gen Z consumers.