There is a fundamental change occurring in the purchase behaviour of millennials. A recent study found that 72% of millennials prefer to spend more money on experiences than on material things[i]. There is also evidence that this trend is growing among older people. It is undoubtedly having an increasing impact on retail sales. Buying experiences in preference […]

There is a fundamental change occurring in the purchase behaviour of millennials. A recent study found that 72% of millennials prefer to spend more money on experiences than on material things[i]. There is also evidence that this trend is growing among older people. It is undoubtedly having an increasing impact on retail sales.Buying experiences in preference to material goods will have a growing impact on retail in the years ahead. What is more, there are very clear reasons for this trend, including: Buying ‘things’ is considered a thing of the past A growing attraction to living with ‘simplicity’ The memories created by experiences are stronger than those of goods Experiences are thought to make purchasers happier Experiences are more conducive to social connection A view that material things are no longer a measure of success Whatever the reason, there is a growing trend toward favouring experiences over buying stuff. This will ultimately…