Generation Y tourists are presented in the literature as an important group of consumers, who travel more than previous generations and who expend more money in their tourism experiences. They use their virtual social networks intensively before making decisions about their trips. Thus, social media provides important sources of information in current tourism, especially used by young tourists. Information search is a topic of research that has been deeply analyzed in the literature. Several studies have examined the influence of different sources on various types of tourists. However, little is known about the perceived value of the information obtained in social media by Generation Y travelers. Through a literature review and an empirical study, six dimensions of the value of the information were identified in these context of research: (1) the utilitarian value; (2) the risk avoidance; (3) the hedonic value; (4) the sensations felt during the process of search; (5) the value of the interaction with other users; and (6) the perceived congruence between the information obtained in these virtual sources and the identity of the consumer. Based on the results of this research, a series of guidelines are included as a part of the conclusions.