A recent report conducted by Harris for Eventbrite into millennials spending habits in the USA shows they value experiences and creating, sharing and capturing memories.
KEY FINDINGS & INSIGHTS
- Millennials crave more experiences
- When it comes to money, ‘experiences’ trump ‘things’
- Experiences help shape identity & create life-long memories
- Fear of missing out drives millennials’ experiential appetite
A GROWING ECONOMY BASED ON EXPERIENCES
The report notes that this desire for experiences is not restricted to Millennials. Across the generations, people value sharing experiences with friends and family. By doing so they form closer connections and bonds and deepen relationships.
Since 1987, the report states, the share of consumer spending on live experiences and events relative to total U.S. comsumer spending increased 70%. The desire to experience more has led to a growth in businesses to meet that demand.
Source: Eventbrite
Data: U.S. Department of Commerce, Bureau of Economic Analysis.
SHARING EXPERIENCES WITH FRIENDS AND FAMILY
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