Millennials are limiting visits to retailers this holiday season thanks to a growing affinity for experiential items such as travel and entertainment. Rather than spending money on items found on a shelf, Millennials are going after experiences that will provide them with exposure to new things and personal fulfillment.
According to PwC, shoppers intend to spend almost half of their total holiday budgets on experiential purchases this year. These types of purchases are also the gifts they want to receive. In fact, physical gifts such as apparel and gadgets ranked last in their overall gift preference.
While this seems to bode unwell for retail brands that rely predominantly on tangible items, there is still an opportunity for them to resonate with consumers – by offering their own unique, interactive experiences.
From our extensive research into the Millennial generation, we know that they value experiences over material things. In fact, three in four Millennials would rather pay for an experience than a product. This has led to the current experience economy we live in, which Millennials fuel. As outlined in our Millennial Mindset™ report, there is a new paradigm that exists for brands today rooted in co-creation, co-participation and experience innovation. With an affinity for personal growth and reinvention unseen from prior generations, Millennials want more control over their customer journeys and touch points with organizations.
To get Millennial shoppers into stores or spending online this holiday season, brands…[read the full article at www.millennialmarketing.com]