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The experience economy boom isn’t over yet

  • News
  • November 7, 2016
  • Elly Strang
The experience economy boom isn’t over yet

Millennials may have kick-started the trend to spend money on experiences rather than things, but their younger counterparts are going to carry on the trend for years to come.

Those aged 18 and under are set to dwarf Millennials in spending power.

They number over two million globally, giving them the spending power of $44 billion in the US alone.

This means despite currently lacking the purchasing power to buy what their parents accrued in their lifetime - such as the flash house, car and a boat – the up-and-coming generation will be extremely affluent.

Contiki surveyed more than 5000 people around the world and found those of a younger age are keen to spend their dollars on experiences such as gigs, festivals, attractions, entertainment, and travel.

This may be because they see experiences as a better economical investment than material goods.

Well over half (79 percent) of respondents said economic challenges are negatively impacting on their generation – more so than environmental, cultural or political.

This means it’s a great time to trade in experiences, such as hospitality and tourism, and a slightly more difficult time to trade in retail.

But it’s not all doom and gloom, either.

The majority of post-Millennials said social experiences were the most important type of experience, and shopping is becoming an increasingly social activity.

Social experiences ranked ahead of cultural, culinary, intellectual, adrenaline and spiritual experiences.

Shopping centres such as NorthWest mall and LynnMall are creating living and dining hubs within their retail precincts to cultivate more of an experience for shoppers, while savvy retailers are tying in experiences to their shops.

Examples include Auckland’s Nike Britomart store, which hosts a run club, and Barkers High St, which has a coffee shop and the Groom Room salon.

The other route retailers can head down is making their store a destination by engaging customers’ senses.

Crafting this unique experience could be anything from using smell (shoe store Ziera experimented with making its own scents) to sounds (Paper Plus has a personalised radio station) to the visual décor.

The top ten other traits identified in the minds of young people by Contiki were:

  1. You believe in equality
  2. You think experiences are the most important thing
  3. You want to make a difference in the world
  4. You actually read books
  5. You believe in peace
  6. You believe in multiculturalism
  7. You believe in a healthy body and mind
  8. You think you can achieve your dream
  9. You cannot understand why accepting the LGBT community was ever an issue
  10. You’re not afraid to take risks.

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Readings present revised plan for Courtenay Central

  • Property
  • May 16, 2019
  • Radio New Zealand
Readings present revised plan for Courtenay Central

The company that owns Courtenay Central in Wellington says it has big plans for redeveloping the complex - which is closed due to earthquake risks.

Read more
 
 

How to tell if you're a born retailer

  • Opinion
  • May 16, 2019
  • David Farrell
How to tell if you're a born retailer

Retail is a profession, but true retailers are born not made, says Dave Farrell.

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Sustainable soap wrapper among major winners at Pride In Print Awards

  • Opinion
  • May 15, 2019
  • Sue Archibald
 Sustainable soap wrapper among major winners at Pride In Print Awards

A sustainable, heat sealed soap wrapper that is claimed to saving tonnes of PET plastic film, petrochemical wax and glue from landfill each year, has won a major award in the Pride In Print industry awards. Sue Archibald, Pride in Print Awards manager, shares more.

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Inside Little Yellow Bird’s equity crowdfunding campaign

  • News
  • May 15, 2019
  • Sarah Dunn
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Auckland design agency wins gold for retail packaging

  • News
  • May 14, 2019
  • Courtney Devereux
Auckland design agency wins gold for retail packaging

As a benchmark for impeccably designed packaging of consumer products, The Dieline Awards this year saw creative agency Onfire walk away with recognition for fantastic design for their retail products. We spoke with Matt Grantham, creative director at Onfire Design, about the importance of a strong visual brand in the retail product sector.

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BYO containers policy live from June 1 at Foodstuffs stores

  • News
  • May 14, 2019
  • Sarah Dunn
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