The Experience Economy: How Experiencing Life Shapes Identity
Marketers who have been seeing results in traditional advertising in the past have been experiencing a rude awakening, none of it has an effect on consumers. Tech-savvy and brand aware millennials tune out most of this traditional outbound marketing methodology. Millennials are ignoring ads online using ad blockers more frequently and stream media while blocking commercial advertising. Millennials know how to use tech to find the things that meet their needs on a daily basis.
So how is it that experiential marketing activities target millennials?
Millennials are sort of known for their love of experiences. They eagerly attend festivals, concerts, trade shows, exhibits and events to explore the nightlife and popular attractions. Typically millennials want to experience the latest and greatest thing. Recent studies from the Harris Group report that 72% would rather choose an experience over a material item.
A Growing Economy Based on Experiences
The data shows us that year over year, Millennials are specifically spending more time at live events and companies. Brands and artists are putting more resources into creating experiences. The increase in time, energy and budgets spent on experiences are the ingredients that make up the growing experience economy.
For Millennials, Experiencing life shapes the Millennials Identity
Insights show that happiness isn’t about possessions. Living an epic and meaningful life is about creating, sharing and capturing memories earned through experiences that span the spectrum of life’s opportunities. The majority of millennials love to share their life moments on social media.
-Nearly 70% of millennials feel that time spent out with friends and family is more valuable than nights at home.
-77% say that some of the best memories of their lives have been made at live events.
-Nearly 80% of millennials feel that going to live events with fam and friends helps deepen their relationships.
-Nearly 70% of millennials believe that attending events make them feel more connected to people, the community, and the world.
*This survey was conducted online within the United States by Harris Poll on behalf of Eventbrite from June 27-July 1, 2014 among 2,083 adults ages 18 and older, among which 507 were Millennials ages 18-34. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated.
If you have questions about Event Production or Experiential Marketing contact BeCore today! We’d love to partner with you. BeCore is based in the Los Angeles Arts District in DTLA.