11th December 2014

Millennials value experiences over possessions

A study commissioned by Eventbrite, an event technology service provider, has revealed that 65% of UK millennials (defined as born between 1980-1996; aged 18-34) would choose to spend money on a desirable experience or event over buying something desirable.

A study commissioned by Eventbrite, an event technology service provider, has revealed that 65% of UK millennials (defined as born between 1980-1996; aged 18-34) would choose to spend money on a desirable experience or event over buying something desirable.

The research, conducted by Ipsos MRBI, reveals that this generation are increasingly spending time and money on experiences of all kinds, from concerts and social events to cultural experiences. With millennials accounting for 75% of the total UK workforce in the next decade, and their spending ability continuing to grow, they are driving the growth of the experience economy. The study found that they are spending over £419,556,233 each month on attending live events

Of the study's respondents, 66% said they felt more fulfilled by live experiences than purchasing an item of the same value, and 62% of them plan to increase the amount of money they spend on experiences over the next 12 months.

Nearly three in four (73%) of respondents agreed that a fear of missing out (FOMO) is a driving factor in the need to seek out new activities and experiences. As events and experiences are now being shared on social media immediately and worldwide, more millennials are spending on experiences over possessions to be part of that shared conversation.

Marino Fresch, Head of Marketing for UK & Ireland at Eventbrite, commented on the findings: “Psychological studies have shown that experiences make us happier than possessions. As Eventbrite is the international marketplace for live experiences, we recognise the importance of ‘life moments’ over consumer belongings that can often feel fleeting.

“Our study demonstrates a shift in consumer sentiment – as we enter the busiest time in the retail calendar, the most powerful consumer group in the UK is seeking to spend its hard earned cash on something that cannot be bought in a store.”

Click here for more information on the study.