Friday, 12 December 2014

EVENTBRITE STUDY: Irish Millennials Crave Real Life Experiences, Drive Multi-Million Euro Experience Economy

  • Every month, Irish Millennials spend just under €40 million on live experiences
  • 67% would like to spend more on experiences in the near future
  • 2 out of 3 Millennials will typically choose an experience over buying desirable goods

Irish millennials are driving a multi-million Euro “Experience Economy”, by choosing real life experiences over things, according to a new IPSOS MRBI study published by online ticketing and registrations platform Eventbrite. The study found that Irish millennials, defined as people born 1980-1996, now ages 18-34, currently spend just under €40 million or an average of €43 per person on events each month.

This monthly spend by millennials is significantly higher than the average spend on admission to events per person in Ireland of just over €23 in 2009/10*. And just as most millennials are soon to enter their prime earning years, this amount seems likely to rise even further: Two out of three millennials (67%) say that they would like to increase their spend on live experiences, rather than on physical things.

Experiences are more important to millennials than things
The key driver behind this growing Experience Economy is a profound change in millennials’ perception of what is valuable. The vast majority of them (70%) say that if they had to choose between buying something desirable or experiencing something desirable, they would typically choose the experience. Furthermore, more than two in three millennials surveyed (67%) say that feel much more fulfilled after a live experience compared to purchasing items of the same value.

Fear of Missing Out (FOMO) is rampant
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 (70%) of the surveyed millennials say 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 of missing out, or FOMO, is especially pronounced among women: 75% of female respondents experience FOMO.

Impact on businesses
Marino Fresch, Eventbrite’s Country Manager in Ireland, comments the findings: “Real life experiences are something millennials value over possessions. 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.”

*Source: Central Statistics Office of Ireland, Household Budget survey 2009/2010