Summer holidays: What are Europeans saving on to finance their dreams?

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Global economic turbulence is not shaking the determination of Europeans to travel this summer.

A new Mastercard study of 20 European countries found that the vast majority (70%) - won't hold back on leisure spending and are planning to tick off at least one experience from their bucket list.

Travel and tourism are the most important activities for 89% of experience-seekers. Also, 32% of them say they are ready to spend over €1,000 on it.

Gen Z and men more inclined towards holiday spending

According to the report, Gen Z is the most hedonistic generation.

Nearly half of the respondents (48%) in that age range (approximately 13 – 28) plan to check off two or more bucket list activities. 

They say they are going to finance them by making savings on hobbies, weekly food shopping and even transportation costs.

At the same time, while women are more likely to focus on one major bucket list experience (34%), men appear more prone to plan at least two bucket list activities(40%).

What are Europeans cutting on to save up for summer?

In general, many Europeans will try to save up instead of splurging on luxuries: Forty percent will be cutting back on clothing, 38% on luxury treats and 32% on gadgets.

Natalia Lechmanova, Chief Economist Europe at Mastercard Economics Institute, claims that "European consumers are regaining confidence and increasing discretionary spending, with experiences remaining a key priority."

"Stabilising inflation and improving purchasing power are enabling more people to invest in meaningful moments."

What's driving Europeans to seek new experiences?

The study says Europeans are mainly driven by the desire to create lifelong memories (44%), as well as to see the world in a "whole new way" (36%) and to share experiences with their loved ones (33%).

According to the research, Romanians (88%), Poles (87%) and Serbians (86%) are the most eager to fulfil their bucket list dreams in 2025.