MAKING MEMORIES: CONSUMERS ARE LOOKING TO PRIORITIZE SPENDING ON EXPERIENCES OVER THINGS

Making memories: consumers are looking to prioritize spending on experiences over things

Would you rather buy a material item or enjoy an experience when it comes to making memories? An international study highlights the rise of the so-called experience economy. Since the pandemic, consumers around the world seem to be prioritizing spending on experiences over things, research suggests.

Some 88% of people say they plan to spend the same, or more, on experiences in 2024, compared to 2023.

(Copyright: Ivana Cajina / Unsplash)

Whether it's the memory of a special meal, the emotion of seeing a movie on the big screen, anecdotes from the trip of a lifetime, or experiencing a major sporting event like the soccer World Cup or the Olympics, these kinds of life experiences forge lasting memories. Completely intangible and deeply personal, they are precious assets that connect us to our loved ones, our passions and our aspirations. So aren't these memories more important than a smartphone or a video games console? Such is the question posed in a major study conducted by Mastercard with over 16,000 respondents worldwide, analyzing the so-called experience economy.

The concept may seem a little vague, except when it comes to the spending habits of the consumers polled as part of this study. In Europe, the share of spending devoted to material goods has remained stable in recent years, while the opposite is true when it comes to spending experiences. In 2019, Mastercard estimated that 19% of total spending was devoted to experiences. By 2023, this had risen to 23%. Now, for 2024, 88% of respondents expect to spend as much or more on experiences like travel, outdoor activities and movies. Indeed, these are the most recurrent experiences identified by this study. Travel is the most popular project for Europeans in terms of spending, followed by live music/outdoor and food-related experiences.

Unlike a purely material item, an experience and the memories associated with it are seen as enriching by survey respondents (33%). Experiences also help see the world in a different way for 40% of those questioned. That's why we can be attached to photos, which are the embodiment of a memory of a cherished time we can look back on, a way to relive experiences.

*This Mastercard study was carried out with Vitreous Worldwide from January 2 to 9, 202, among 16,141 people, including 14,125 from 20 European markets (Austria, Belgium, France, Germany, Italy, Poland, Spain, United Kingdom, Bulgaria, Croatia, Cyprus, Czech Republic, Greece, Ireland, Netherlands, Portugal, Romania, Serbia, Sweden, Switzerland). The study also included 2,016 respondents from Australia, Brazil, China and the USA.

2024-04-29T14:05:28Z dg43tfdfdgfd