Millennials, America’s largest generation by population, are soon to enter their earning prime. With a majority of this generation now in the workforce, they currently command an estimated $1.3 trillion in annual consumer spending. Where will this generation direct their wallets?
Eventbrite’s nationwide research of millennials (defined as Americans born 1980-1996, now ages 18-34) conducted by Harris, reveals this generation not only highly values experiences, but they are increasingly spending time and money on them: from concerts and social events to athletic pursuits, to cultural experiences and events of all kinds. For this group, happiness isn’t as focused on possessions or career status. Living a meaningful, happy life is about creating, sharing and capturing memories earned through experiences that span the spectrum of life’s opportunities. With millennials now accounting for over one fourth of the total U.S. population, their high focus on experiencing life supports the growth of an economy driven by the consumption of experiences. The combination of this generation’s interest in events, and their increasing ability to spend, is driving the growth of the experience economy.
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