Millennials Choose Experiences Over Classic Big Ticket Items
The Experience Economy Is Just Getting Started
“Status Updates Are The New Status Symbol”
In the 80s, 90s and early two 2000s, people would define who they were by the brands that they bought. That was thier status symbol to society. If you had a Rolex watch or you had a Mercedes or an American Express platinum card, it would show people that you maintained a certain status.
If you think about it, back in the day before there was social media, if you had an amazing experience, like climbing to the top of Machu Picchu or you sat in the front row of a sporting event, the only people you could share that experience with were the people who were right in front of you.Experiences weren’t shareable, thus lacked their ability to be a social currency.
Now with the growth of Instagram, experiences have taken the place of products as the number one way that people are actually showcasing who they are to society.