It Seems the Millennials Want Experiences over Goods

Marketers need to savvy up and start backing events instead of goods.

The Harris/Eventbrite researchers found that 78% of millennials would rather spend money on a desirable experience than buy coveted goods. Reinforcing that point, 72% of millennials said they want to increase their spending on experiences during the next year, in lieu of physical things.

The reason why they would rather have the experience rather than the good is thus:

A major reason for dashing off to all these parties, festivals, road races and taco-eating contests: the fear of missing out. With the rise of social media, Eventbrite analysts point out, skipping the big event doesn’t just mean missing an afternoon of good times; it also means being reminded on Facebook, Tumblr and the like of how much fun everyone else had.

You can see a case-in-point with things like the Spartan Race, the Ice Bucket Challenge, and (as this article points out) Burning Man. So what markets need to do is sponsor Love Festivals, and Concerts and things and the Millennials might show up in droves. For no other reason than to take a bunch of selfies for Instagram.