EventBrite: Millennials are buying experiences !

Millennials,  American's largest generation by population (1/4 of Total)  is entering their earning prime, and already command 1.3 trillion annual consumer spending.

To better understand Millennials consumption patter I will report below some important findings of Eventbrite’s nationwide research of millennials (defined as Americans born 1980-1996, now ages 18-34) conducted by Harris:

This generation not only highly values experiences, but they are increasingly spending time and money on them (concerts, sport and events of all kind) as happiness isn’t as focused on possessions or career status.

Living a meaningful, happy life is about creating, sharing and capturing memories earned through experiences that span the spectrum of life’s opportunities.

With millennials now accounting for over one fourth of the total U.S. population, their high focus on experiencing life supports the growth of an economy driven by the consumption of experiences. The combination of this generation’s interest in events, and their increasing ability to spend, is driving
the growth of the experience economy.

More than 3 in 4 millennials (78%) would choose to spend money on a desirable experience or event over buying something desirable and 55% of millennials say they’re spending more on events than ever before, with no signs of slowing.

Despite Millennials aren’t the only generation demanding experiences, for them, real value is derived from experiencing, not possessing. Living an epic and meaningful life is about creating, sharing and capturing memories earned through experiences that span the rich spectrum of life’s opportunities. Experiences, for millennials, are about identity-creation.

• Millennials cherish time spent out-and-about with loved ones: 69% of millennials feel time spent out with friends and family is more valuable than nights at home.
• Millennials crave more experiences: Not shockingly, more than 8 in 10 millennials (82%) attended or participated in a variety of live experiences in the past year, ranging from parties, concerts, festivals, performing arts and races and themed sports—and more so than other older generations (70%). But millennials can’t get enough. 72% say they would like to increase their spending on experiences rather than physical things in the next year, pointing to a move away from materialism and a growing demand for real-life experiences.
• Experiences help shape identity & create life-long memories: Nearly 8 in 10 (77%) millennials say some of their best memories are from an event or live experience they attended or participated in. 69% believe attending live events and experiences make them more connected to other people, the community, and the world.
• FOMO drives millennials’ experiential appetite: Nearly 7 in 10 (69%) millennials experience FOMO (Fear of Missing out). In a world where life experiences are broadcasted across social media, the fear of missing out drives millennials to show up, share and engage

• Events are bonding experiences: 79% of millennials feel that going to live events with family and friends helps deepen their relationships. In fact, 30% of millennials say they met someone at a live event that became a good friend.
• Millennials gain a sense of community via events: 69% of millennials believe attending events makes them feel more connected to other people, the community, and the world.

For Culinaryon I think it is great news as we are pioneering the Experience Economy in the food business. Moreover I strongly believe that as Millennial generation progressively ages, CULINARYON type of experience will be probably more relevant than a rock concert 

www.culinaryon.com / www.culinaryon.ru 

About CULINARYON: Europe & Asia Largest Culinary Entertainment Centre, offering premium hands on cooking experiences for corporate team bonding events and private parties (up to 200 guests). Culinaryon edutainment format is best defined as "The Disneyland of cooking schools". Come to Experience our studios  in Moscow (Novinsky TC) and Singapore (One Raffles Place - tower 2, 4th floor).