Experiences Over Things for Millennials
According to research by Pandora, young listeners tend to say they prefer to spend money on experiences rather than things.
A report from Pandora titled, “Micro-Moments are Nice. Experiences are Unforgettable,” refers to Google’s efforts to market search as the micro-moment sales vehicle. The study shows that 67% of millennials would rather spend their money on experiences rather than things. That number grew 10% from last year. Female millennials especially prefer experiences, 74%, according to Pandora’s research. This doesn’t mean that millennials don’t want to buy things, but if the “things” lead to an experience, then all the better for the purchase.
The experiences included travel, concerts, movies, music festivals and sporting events. So if you are thinking about offering a prize to millennials, don’t think of cash or gifts, think about trips or tickets.
One of the reasons is that 25% of millennials suffer from the “fear of missing out” (FOMO). According to Pandora, the FOMO effect means that the “road leading up to the event is just as important as the event itself.” As my father use to say, 90% anticipation and 10% fulfillment. That means we need to make the “before” part of the experience.
And do millennials notice? Absolutely, says Pandora: 82% notice a brand sponsoring a musical event; 1 in 3 are likely to purchase a brand’s product after seeing it at an event. Experience is the truly the teacher of all things.