Younger generations are spending their dollars in different ways than the ones that came before. In fact, studies consistently demonstrate that millennials prefer buying experiences to purchasing physical objects, and 72 percent plan to increase the amount of money they dedicate to the former in the next year.
Similar to their big brothers and sisters, members of Generation Z favor collecting memories over materials. However, it’s also important for this generation to share experiences with peers. Exhibitions, concerts and sporting events are all potentially attractive ways for the two groups to spend their money, and members of Generation Z are especially likely to go out of their way to promote the events they attend.
Experiential marketing allows consumers to engage with products or services and develop connections to them. As a CMO, it’s critical to ensure your event leaves a positive impression on an impressionable group of consumers. If it’s instilled at a young age, brand loyalty can last a lifetime.
An experience they’ll never forget
The events people attend often create powerful memories that stick with them for many years. Nearly 80 percent of millennials cite events or live experiences as some of the best memories of their lives, and almost 70 percent report that attending such events gives them a better sense of connectedness to those around them, their community and the world.
“The power of experiential marketing comes in its conversational nature, and this type of connection shouldn’t just be another tool in brands’ marketing tool kits,” advises Jeff Snyder, founder of Inspira, which works with companies to build genuine relationships through client development and audience engagement. “To reach customers in an unforgettable way, brands should make personal interaction a recurring and foundational element of their marketing strategies.”
Younger generations are focusing more on experiences than products, in part due to their disconnect with traditional…
