According to Fueling the Experience Economy, a research report released by the events company Eventbrite, the average millennial (aged 18-34 in their study) prefers live experiences over material things.
Key millennial findings from the study:
- 77% say their best memories come from experiences
- 69% say that their experiences make them feel more connected to their communities, other people, and the world.
- 78% say they would choose to spend money on a desirable experience or event over buying something desirable
- 69% experience the fear of missing out (FOMO) we they can't attend something that their family or friends are going to.
Of course Eventbrite is in the business of selling experiences - I love their tagline: Dance more. Learn more. Taste more. Do More - so I wouldn't expect them to find otherwise.
It's unclear whether or not they know way back in 1998 a couple of consultants coined the term "the experience economy" and urged companies to offer interesting and unique experiences in addition to products and services.
Back then the oldest millennials were 16, so the original target market for the experience economy were folks much older than millennials.
In other words, everyone likes experiences.
We agree with Eventbrite that the experience economy is growing and have seen many examples of it in our work.