Spending an average of €42 per month each on live events, Irish millennials are choosing experiences over things.
According to a new study published by Eventbrite, Irish millennials’ monthly spend is significantly higher than the average spend on admission to events per person in Ireland of just over €23 in 2009/2010.
And just as most millennials are soon to enter their prime earning years, this amount seems likely to rise even further: Two-thirds say they would like to increase their spend on live experiences, rather than on physical things.
The changing understanding of ‘value’ appears to be behind this push, with the vast majority saying that, if they had to choose between buying something desirable or experiencing something desirable, they would typically choose the experience.
Fear of missing out is rampant, too. In a world where live experiences are broadcast across social media, the fear of missing out drives millennials to show up, share and engage.
More than two-thirds of the surveyed people said that when they can’t go to something that their friends or family are going to, they feel like they’re missing out. This fear is especially pronounced among women: 75pc of female respondents noted this.
“Real-life experiences are something millennials value over possessions,” agrees Marino Fresch, Eventbrite’s country manager in Ireland. “To them, a successful life is measured in moments and experiences, rather than, for example, which car you drive.
“Businesses should note that this sentiment is the seed for an emerging, possibly lucrative experience economy, which also represents a strong communication channel to talk to the consumer of the future.”
Young festival goers with smartphones image via Shutterstock