Millennials & Activities - Happy to spend on activities and prioritize experiences

 

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3.9 Star Rating for report Millennials & Activities - Happy to spend on activities and prioritize experiences
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Pages: 16
Price: $495.00

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Abstract

 
An interesting trend that has developed in Millennial consumer culture is that ownership has declined somewhat, much of this can be attributed to reduced spare cash free for saving and making big purchases. Millennials are also much more likely to spend their spare cash on experiences, unique activities, holidays, concerts, festivals and travelling than generations before regardless of how much they have to spend. These experiences can be very wide ranging, from organized day events to gap years and backpacking. The key trend here is that millennials typically expect a certain quality of life and pursue it regardless of their reduced means. 

Description

An interesting trend that has developed in Millennial consumer culture is that ownership has declined somewhat, much of this can be attributed to reduced spare cash free for saving and making big purchases. Millennials are also much more likely to spend their spare cash on experiences, unique activities, holidays, concerts, festivals and travelling than generations before regardless of how much they have to spend. These experiences can be very wide ranging, from organized day events to gap years and backpacking. The key trend here is that millennials typically expect a certain quality of life and pursue it regardless of their reduced means.

Key Questions Answered

- What products do millennials favor?
- Why do millennials favor and purchase the types of products that they do?
- How are they different from previous generations?
- How is this affecting the food, marketing, technology and retail industries worldwide?
 

Report Source Information

Supplied by: Research and Experts 
Date Published: 2017-10-31 

Report: Millennials & Activities - Happy to spend on activities and prioritize experiences

 

Contents

Table of Contents
Executive summary 2
Millennials & Activities: Happy to spend on activities and prioritize experiences 2
Millennials & Activities: happy to spend on activities and prioritize experiences 6
Cost is a major driver of purchasing choices, because of lower wages 6
Millennials are not willing to accept worsened quality of life despite less disposable income 7
It has been identified that millennials are more willing to spend on the "authentic" experience 8
Festivals and day events really connect with millennials and numbers are booming 9
Holidays with millennials are less traditional and tend to favor "instagramable" experiences 10
Attracting millennials to hotels is entirely possible with some changes 11
Unique experiences of all types can help to sell to millennials 13
Conclusions 14
Appendix 15
Further Reading 15
Ask the analyst 16
About MarketLine 16
Disclaimer 16
 

Scope


- Learn about the key drivers behind millennial consumer behaviour and how companies are learning to tailor their products to suit.
- Examine which types of industries and businesses are doing particularly well with millennials and which are not.
- See how millennial consumer behaviour is changing our highstreets and online spaces.

 

Classification

Language Code: EN 
Region: Global 
Report Type: Market Report 
Industry: Service Industries 
Sector: Leisure and Tourism 
Pages: 16 

Reasons to buy this report


- Whilst millennials do have a leaning towards experiences and activities when allocating their spare money, millennials do want much of the same things as the previous generations. Much has been said of the fact that millennial generations tend to marry later, have children later and purchase houses later, but a lot of the reason for this is because millennials are experiencing much tougher conditions than previous generations.
- When it comes to activities and events that millennials and indeed younger generations emerging attend, the trend tends to be that they are certainly price conscious but willing to bypass cost concerns in the face of meaningful experiences that add to quality of life. In particular events that provide any kind of unique and unusual challenge can be extremely popular and attract heavy spending from millennials.
- Types of experiences and activities that have been less popular in the past have found a new lease of life as millennials become the largest generation group. For instance one particular theme is that of camping or rather what it has become to this generation "glamping". Camping is a popular activity for millennials and it links into various other trends for them, such as convenience, cost saving, active outdoors, health trends and adventure experiences.
 

Millennials & Activities - Happy to spend on activities and prioritize experiences

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Regional Information

Taxonomy

Branch ID: 1591

Taxonomy Location

The taxonomy on the left shows the ancestors of the Global node. This provides an insight into parent categories that may provide reports or articles that may compliment this report. The number in brackets after the node name indicates the number of reports that Research and Experts currently have in the parent category.

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Global

The global economy is the economy of all the world's countries. The total world population now stands at over 7 billion and the global unemployment rate is 9% with approximately half the world's population paid less than $2 a day. 

The global economy is picking up again after five years of uncertaintity and slow economic growth. The IMF is predicting global growth of 3.7% in 2014 rising to 3.9% in 2015. However, much uncertainity remains. Low inflation in developed economies means that these economies take longer to deal with debt burdens and are at increases risk of deflation. 

The second half of 2013 saw growth in the US and European economies (particularly UK, Germany and France).  

Growth in the US has been helped by cheaper energy from fracking , renewables and more oil and gas exploration. This cheaper energy is bring manufacturing jobs back to the US and helping to boost domestic demand. Recent winter weather conditions have hampered growth in the construction sector and have slowed demand in the construction equipment sector which saw exports drop by 25% in 2013. Growth should pick up in this sector with continued federal investment in infrastructure, new residential house builds and refurbishment and the energy boom.

In Europe growth is expected to be uneven with growth being slow in stressed economies such as Portugal and Greece but confidence picking up in UK, Ireland and even Spain showing some improvement.

Developing economies such as China and India will continue to have strong growth in 2014 and 2015. China has benefitted from increased investment with the Chinese govenment now focused on quality growth of 7.5% in 2014. India which is less reliant on exports expects growth of 5.4% in 2014 and 6.4% in 2015.

Much uncertainity still remains in the global economy with greater optimism needed to stabilise growth.

Links

World Bank

IMF (International Monetary Fund)

 

 

Zones

Regional zones

 

Country

Countries

 

Industry Sector Information

Taxonomy

Branch ID: 389

Taxonomy Location

The taxonomy on the left shows the ancestors of the Leisure and Tourism node. This provides an insight into parent categories that may provide reports or articles that may compliment this report. The number in brackets after the node name indicates the number of reports that Research and Experts currently have in the parent category.

Clicking on a parent category will present the list of reports in the parent node in a separate window.

Leisure and Tourism

This sector includes the business of leisure, travel, gambling and gaming and sporting business. The Leisure and Tourism sector has faced many challenges in recent years due to the global credit crunch, rising costs and low consumer demand. 

In 2012, international tourism generated US$1.3 trillion in export earnings.  The UNWTO expects a growth in international travel of between 4 and 4.5% in 2014.

The gambling and gaming industry is seeing increased consolidation due to regulatory challenges, consumer behaviour and online competition. The early adoptors of online transactions have a stonger position in this market.

The business of sport has been growing in recent years. Sporting clubs have been increasing their revenues through advertising and media rights and increased supporters. Sport venues have become valuable sources of revenue as leisure and tourism products. The business of soccer, rugby, tennis, golf, horse racing and motorsports are all intenational growth businesses.

The travel section of this category has been challenged in recent years due to the effects of natural disasters, increasing fuel costs, terrorist activity and consumer confidence. 

According to the World Travel and Tourism Council travel and tourism GDP is set to grow by 4.4% over the next 10 years. By 2023 the travel and tourism sectors contribution to the economy is forecast to account for 10% of global GDP, US$10.5trillion and 1 in 10 jobs.

Our market and industry reports provide information on leading companies in this sector, key growth areas and market trends.

Useful Links

United Nations World Tourism Organisation (UNWTO)

European Gaming and Amusement Federation

Study of Gambling Services in the EU

World Travel and Tourism Council

 

Service Industries

Our Service Industries reports cover the areas of Business Services, Financial Services, Tourism and Leisure, Consumer Services and the Public Sector. A strong services sector is an indicator of a well developed economy. Examples of economies with a strong services sector include US, UK, Luxembourg, Switzerland and Australia.

Researchandexperts.com is a reliable source of business intelligence reports from leading publishers on the service sector economy. Industries covered by us include IT services, banking, insurance, travel, media services etc. 

Companies in the services sector require competitive intelligence which will give them keen insights into market size, best trading partners, financial analysis and company rankings. A recent report by Plimsoll on the advertising industry reviewed 500 of the largest agents in this sector. ARENA BLM LIMITED was identified as being among the fastest growing companies while  UNIVERSAL MCCANN GMBH was selected as a best trading partner.    

Service Industries

Industry

Industries

 

 

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