Why Modern Luxury Consumers Are Choosing Experiences Over Material Goods
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Consumers are increasingly spending on experiences rather than material goods because they tend to provide greater happiness and a sense of fulfillment, creating lasting memories, and offering a richer personal experience compared to simply owning physical items; this trend is often referred to as the “experience economy” where people prioritize activities like travel, live events, and dining out over possessions.
In recent years, there has been a noticeable shift in consumer behaviour, with more people opting to invest in experiences rather than material goods. This trend is highlighted by recent findings from a Barclays survey*, which reveals that Brits are increasingly prioritising expenditures on experiences, such as holidays and live events.
According to the survey, consumers in the UK are expected to spend an astounding £178 billion on experiences from June to September alone. This surge in experiential spending underscores a broader, more profound change in consumer priorities, with individuals seeking more fulfilling and enriching life experiences.
This evolving consumer preference presents both challenges and opportunities for businesses. Companies in the travel, hospitality, and entertainment sectors may find growing demand for their offerings, while retailers of luxury and non-essential goods might need to rethink their strategies to appeal to this experience-oriented market.
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