JSFiddle - React, Tailwind, and code Playground

HTML

<select id="addition_membership_type" class="w230" name="booking.additional_frequentFlyerMembershipType">
    <option value="IBP Value"> IBP Text </option>
    <option value="JET Value"> JET Text </option>
</select>

JavaScript

$('#addition_membership_type').on('change',function(event){
    alert('Selected Value: '+$('#addition_membership_type').val());
    alert('Selected Text: '+$('#addition_membership_type option:selected').text());  
});