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.

PREVIEW

For millennials, 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.

KEY FINDINGS & INSIGHTS

When it comes to money, ‘experiences’ trump ‘things’:

More than 3 in 4 millennials (78%) would choose to spend money on a desirable experience or event over buying something desirable, and 55% of millennials say they’re spending more on events and live experiences than ever before.

Millennials crave more experiences:

Not shockingly, more than 8 in 10 millennials (82%) attended or participated in a variety of live experiences in the past year, ranging from parties, concerts, festivals, performing arts and races and themed sports—and more so than other older generations (70%). But millennials can’t get enough. 72% say they would like to increase their spending on experiences rather than physical things in the next year, pointing to a move away from materialism and a growing demand for real-life experiences.

Experiences help shape identity & create life-long memories:

Nearly 8 in 10 (77%) millennials say some of their best memories are from an event or live experience they attended or participated in. 69% believe attending live events and experiences make them more connected to other people, the community, and the world.

FOMO drives millennials’ experiential appetite:

Nearly 7 in 10 (69%) millennials experience FOMO. In a world where life experiences are broadcasted across social media, the fear of missing out drives millennials to show up, share and engage.

Americans are dedicating more income to experiences:

Millennials don’t hold the exclusive: the demand for live experiences is happening across the generational board. Since 1987, the share of consumer spending on live experiences and events relative to total U.S. comsumer spending increased 70%. People want to experience more, and businesses are evolving and entering the market to meet that demand.

A GROWING ECONOMY BASED ON EXPERIENCES

Year over year, millennials are spending more time at live events, and companies, brands, artists and musicians are putting more resources into creating those experiences. The increased time, energy and money spent on experiences by both brands and consumers are the ingredients that make up the growing experience economy.