Growing Experience Economy Fueled by Millennials
Coachella has been talked about intensely as the most expensive and outrageous festival in the world, and many bloggers and reporters want to know how millennials can afford the pricey experience. Perhaps it is less a question of price, and more so a matter of priorities. For a generation that believes a meaningful, happy life is about creating, sharing, and capturing memories earned through experiences, a weekend at Coachella is worth more than a new car.
EventBrite, the global marketplace for live experiences that lets people to find and create events, conducted a research study with Harris Interactive in 2014 to find where Millennials are directing their wallets. Millennials control $1.3 trillion in annual consumer spending, and a huge portion of that is dedicated to live events and experiences.
- Experiences Trump Things
- 78% choose to spend money on events over possessions
- Millennials Crave Experiences
- 82% attended a live event, party, concert, festival, performing arts, race or themed sporting event in the last year, and 72% want to increase spending on experiences
- Events Are Bonding Experiences
- 79% feel that attending events with family and friends deepens their relationships
- FOMO is Real
- almost 70% of millennials report that the fear of missing out drives them to show up, engage, and share
- This Isn't Just a Millennial Thing
- Americans of every generation are spending more on live events and experiences than ever before
Download the report here: http://www.eventbrite.com/academy/millenials-fueling-experience-economy/