78% of younger consumers plan to spend more on live events in 2016, instead of material goods https://t.co/dhqT5zRI21
— ypulse (@ypulse) January 22, 2016
“Millennials value experiences over ‘stuff,’ are more affected by FOMO, and thus more inclined to spend money on live events, concerts, plays, festivals, races and parties,” said Forbes.
I call it “The Moment Economy.”
Here’s what happened: Millennials came into their 20s with a terrible economy, no jobs, no resources, little opportunity to advance and a lot of potential depression. Couple that with the daily media assault of murder, racism, sexism, vitriol, terrorism and war, and Millennials just want to avoid reality. They want to avoid thinking ahead. They want to avoid knowing they may have to live a bleak future.
So they spend now. They invest in themselves in the present.
Social media has helped to make that present all-encompassing. Now you can share trips and meals and weekends with anyone, anywhere, at anytime. Finally, someone will pay attention to me!
Now if you think this is purely narcissistic, remember that Millennials (early Millennials especially) are products of baby boomer parents who didn’t stay home with them. Their parents worked long hours, made quick and unhealthy TV dinners and generally, yup, looked out for themselves. You know the Billy Joel song, “We Didn’t Start the Fire”? Yeah.
Late Millennials are proving different. They’re more insular, more protected, more introverted. They won’t be as excited to have “experiences” but, instead, would rather be part of special small cliques.
But for now, at least, the Moment Economy reigns. Need some quick money? Create a festival and market it to Millennials.