How to capitalize on the experiential economy led by the millennials?
Millennials possess the lion’s share of buying power in today’s market. They are redefining marketing and sales for most brands across the globe. The significantly different expense trends of millennials set them apart from the Baby Boomer population. While the latter believed in possessing material things, the millennials ardently believe in archiving memories.
What do millennials hold dear? Is it their PlayStations, designer ensembles, or limited edition automobiles? As it turns out, more than 74% of the millennials like to spend on making memories rather than buying objects. At least 3 out of 4 millennial buyers would rather spend money on desirable experiences rather than purchasing paraphernalia of expensive objects. Millennials of New York are now spending more money than ever on experiences and events. They no longer believe that buying their first car or home is an achievement. They rather spend similar amounts on vacations that promise exclusive experiences and adventures. Millennials are the driving force of the experience economy, and the brands that target an exclusively millennial audience are focusing on offering them unique experiences through events and mobile marketing strategies.
Here are some exciting trends about millennials and their love for experiences –
- Experiences always rule over “things”
Close to 78% of all millennials in the US would rather spend money on music festivals, cultural events, and travel rather than buying something off the rack. They no longer find discount and promotions as inviting as they used to be even a decade back. As the majority of the purchasing power has shifted to the consumers aged between 18 and 34 years, there has been a significant shift in the marketing tactics of famous brands. Follow the best experiential marketing agency in NY to learn more about the latest engagement marketing tips and tricks that works best for the New York audience.
- The younger population craves novel experiences
Millennials want nothing more than unique experiences that they can share and archive on social media. A staggering 82% of the millennial buyers have participated in live events that range from concerts, parties, and a myriad of performance art festivals. It is not difficult to stumble upon live art or culture events in New York City almost all year round. It gives the brands the perfect opportunity to reach out to the millennials seeking exclusive experiences that can turn into memories.
- Millennials treat events as bonding experiences
More than 30% of millennial respondents from NYC have met new friends and their significant other at events. A substantial 79% of them like visiting cultural and arts activities with friends and family because they believe that these events can strengthen the bond between them. In addition to that, over 74% of the American youth state that they are more likely to be loyal to a brand that they have seen or interacted with during such events. Brands can make their presence prominent at public events by organizing exclusive quiz shows, sing-alongs, karaoke, and open kitchens along with open-for-all registration events for branded coupons or goodies.
- Experiences influence identity and memories
The Millennial population rarely wants anything other than the best memories from events. Whether these are organic events or sponsored ones from some of the leading brands, the target audience wants nothing more than going home feeling content. These pleasant experiences craft memories that can last a lifetime, and they build a brand’s identity among the target audience. Targeting music festivals like the Burning Man, Tomorrowland, and Coachella is the perfect way for any new-age brand to establish or redefine their brand identity.
- Millennials take FOMO quite seriously
The Fear of Missing Out or FOMO is something millennials take incredibly seriously. One of the reasons behind that is their prominent presence on almost all social media. The younger audience loves sharing unique and first-time experiences via Instagram and SnapChat. Therefore, missing out on an event can cost them their social media following and popularity. That is true for social media influencers and regular social media users alike. Brands in New York get plenty of opportunities to introduce themselves during events. They can leverage FOMO by announcing exclusive live-action events related or unrelated to their products, as long as they uphold their brand image. That can provide every brand the opportunity to gain popularity and following on social media, indirectly via the posts of the participating audience.
Millennials strongly believe that a brand that can build a real relationship is worth trusting. They are always on the lookout for lifestyle and fashion brands, makeup brands, and even food service companies that resonate with their own values on society, economy, and environmental conservation. It is no longer enough for entrepreneurs to invest in billboards and TVCs. They need to think beyond conventional marketing tactics to reach the millennial buyers and impress them too.