Retail and the ‘Experience Economy’: are you ready for 2020?

Person Shopping: Experience Economy

Amy Morgans on millennials and the ‘Experience Economy’.

‘Studies show that millennials don’t want to part with their cash for mere “things” like their parents do; their preference is to spend their hard-earned cash on something less tangible. They are looking for the experiential, a preference bolstered by social media culture, where it’s more socially acceptable to brag about a week in the Maldives than a shiny Tag Heuer. 

Of course, that doesn’t mean that people will stop buying products – it just means that the experience of actually purchasing them is more important than ever.’