Experiences, rather than owning things, are a key to happiness.
Being experiential rather than materialistic “will give you more stories, it will give you more status, it will bring you closer to others”
Plus, experiencing new things has been shown to slow the perception of time, helping people feel like they’re making the most of their life.
As a platform for sharing one’s experiences, social media also provides a chance to engage in social one-upmanship.
Millennials especially are motivated by the thrill of sharing experiences.
Most experiences offered by brands take place outside the home––many of which, practically speaking, consumers can’t enjoy routinely.
Brands have opportunities to help people enjoy scaled- down experiences at home, recreating the more amplified experiences found while traveling or eating out.
Brands can showcase how their products enable great, even life-changing experiences.
The advent of virtual reality headsets like Oculus Rift paves way to new categories of immersive virtual experiences. Brands are already experimenting with using VR to transport consumers to new worlds.
Consumers will expect an ever-greater level of experience, with each element memorable (e.g. improvement in food at music festivals). And as experiences get democratized, participants will want ever more exclusivity. Demand for rare, obscure and exclusive experiences will keep spiking.