Not Just Millennials: Consumers Want Experiences, Not Things
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In their endless quest to decode millennial behavior, marketers have placed a microscope on millennials’ spending habits, hoping to glean patterns for how their behavior differs from previous generations. Good luck cracking that one.
We’re a long way from anyone being able to proclaim that they’ve “figured out the millennial consumer,” but we have gathered some valuable research. For example, millennials eschew luxury goods for sustainable ones; prefer buying organic and fair trade; and they’re a lot more willing to shell out money on experiences that enhance their lives (and their Instagram and Snapchat feeds) rather than on material things.
The thing is, it isn’t just millennials. The interesting trend I’m seeing is that these traits are bleeding beyond this demographic. Millennials are proving to be cultural trailblazers for older and newer generations. Consumers today are broadly catching on to the notion that experiences make you happier and are as valuable or more than buying fancy things.
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