78% of consumers today seek experiences over things. Also known as the “experience economy,” this desire for collecting memories versus items continues to grow across all generations.
For hoteliers, this presents a great opportunity to target consumers who are not just looking to book a hotel room, but are looking to book the experience that happens during their time in the market – from dinner reservations, transfers, to tours and activities to entertainment.
Given the position that hotels have in the purchase funnel, they have the unique opportunity to make a guest’s stay – not just on property, but also off property – differentiated and memorable. Providing the guest with an insider’s guide to your city/location, along with top attractions and off-the-beaten-path suggestions, will build true loyalty and engagement, and help deliver on the experiences that today’s consumer craves.
Few of the Facts & Insights on Millenials purchase behavior:
- 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. In a world where life experiences are broadcasted across social media, the fear of missing out drives millennials to show up, share and engage.
-Research done by Eventbrite on US consumers