Younger generations, in particular, value experiences that bring joy and connection over accumulating material items. Research on subjective well-being has gained popularity, with media coverage and podcasts exploring the science of happiness.
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GLOAs consumers indulge more in experiences while being cautious with their retail spending, brands are recognizing that to capture the public’s interest and spending power, they might need to venture into the live event space.
For example, Netflix announced on Tuesday (June 18) the launch of “Netflix House,” an experiential entertainment venue, with the first locations set to open in 2025 in Pennsylvania’s King of Prussia and Texas’ Galleria Dallas. These venues will feature interactive experiences, such as dancing on a replica of the “Bridgerton” set, alongside restaurants with themed food and shops selling related merchandise.
Additionally, Rolling Stone announced a partnership with Sonesta International Hotels on Monday (June 17) to host “Musicians on Musicians” events in Chicago and Miami at Sonesta properties, featuring performances by “local legends.”
Retailers like Nordstrom, Dick’s Sporting Goods, and Buybuy Baby are also finding that hosting live in-store events is crucial for drawing in customers.
These efforts align with a shift in consumer spending from physical products to memorable experiences. Companies such as Target, Groupon, and Mattel have observed a similar trend. Malls are increasingly leasing space to experiential vendors.
“Consumers are redirecting their spending towards services and entertainment outside their homes after limiting these activities during the pandemic,” said Target CEO Brian Cornell during a call in May, highlighting how this trend has led to “continued soft trends in discretionary [retail] categories.”
Younger generations, in particular, value experiences that bring joy and connection over accumulating material items. Research on subjective well-being has gained popularity, with media coverage and podcasts exploring the science of happiness.
Younger consumers are becoming more aware of scientific findings that suggest spending on experiences enhances happiness more than purchasing objects.
Furthermore, PYMNTS Intelligence research indicates that those with higher disposable incomes are more likely to spend on experiences. Individuals earning over $200,000 annually allocate 9.3% of their income to recreation, leisure, and entertainment, the highest share among all income brackets.
The trend extends to digital live events as well. Streaming platforms have been adding sports broadcasts, reporting strong, record-breaking viewership for anticipated games.
Karen Kovacs, NBCUniversal president of client partnerships, highlighted the appeal of virtual events for Brand Innovators, tying it to NBCUniversal’s The Power of Live initiative announced alongside this year’s Cannes Lions International Festival of Creativity.
“Elements of immediacy and authenticity drive the effectiveness of live broadcasts. They offer a real-time connection with viewers, creating a unique sense of urgency and engagement,” Kovacs said.
“The authenticity of live programming adds credibility. While consumers face highly produced commercials and sponsored content, live broadcasts stand out as genuine and trustworthy,” Kovacs added. “Viewers see brands featured in live content as more reliable, enhancing their appeal and persuasiveness.”
Source: PYMNTS
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