Why Millennials Are Spending More On Experiences Than Commodities

A new survey by Harris Poll shows that today’s young adults — the so-called millennials between ages 18 and 34 — are giving exciting, first-hand experiences higher priority. 78% of those surveyed claimed that they would rather spend money on a desirable experience, such as a music concert or road race, than buy material goods.

This preference is also linked to a widespread “fear of missing out”, or FOMO, perpetuated by the rise of social media. Although the survey has a relatively small sample size and is conducted on behalf of Eventbrite, the event ticket company, the findings do points out a key trend in the evolving consumer behavior of younger generations.

How shoppers make choices

How do shoppers make choices? (iStock)The laptops are arranged in neat rows, seemingly endless black rectangles each glowing with bright blue screens. I point out to my daughter what the numbers on the little signs next to computer mean. I show her how to evaluate the features – Longer battery life, more RAM, bigger hard drive, larger screen, total weight. With each model comes a trade off, and after a few minutes I can tell she is getting confused. “Look, decide what features are most important to you, and then choose based on that,” I tell her. She nods, then proceeds to look at the back of each computer, and to feel the touch pad on each one.

My daughter finally stops at a mid-priced Sony and nods. Good brand, good choice, I think to myself. I glance at the features – seems like she picked one with a good balance of performance and portability. I tell her she’s a smart kid, figuring out what is best from amongst all those feature trade-offs. “It wasn’t that,” she tells me. “It’s a pretty silver color, not boring like all those others. And I liked the way the keypad felt.” Continue reading “How shoppers make choices”