Consumers don't want to just buy products. Or brands. Consumers want more. They want experience. And the brands that can deliver will change the game and ultimately ring the cash register.
It's not just millennials, either. The integration of social media into our daily lives coupled with the desire to go out and do those awesome things you post and see in your feed everyday is what's driving this. A recent American Lifestyles report by Mintel projects that over the next five years, total spending will grow by nearly 22%, with the so‐called "non‐essential" categories, including vacations and dining out, expected to see the greatest gains."
As AdAge quotes: "Various psychological studies are showing that all people -- not just millennials -- are happier when their money is spent on living, rather than on having."
It's about winning hearts and minds through providing experiences that go beyond the brand and its products.Brands are beginning to understand this and seeking to create those experiences that are both memorable and shareable.
Turns out, too, that value of experience marketing reaches well beyond those who actually experience it. [According to the 2015 EventTrack study, events and experiences providea clear boost in brand perception and, ultimately, drive purchases.
Great example is the new Under Armour retail experience that launched in 2013 and now expands to include an awesome Curry Two in China, which just opened Brand House in Shanghai.
Under Armour CEO Kevin Plank and NBA star Stephen Curry have wrapped up a whirlwind, five-city, five-day tour of Asia, where the Under Armour athlete appeared before cheering fans in packed arenas and malls and unveiled his latest Under Armour shoe.
There's an awesome experience attached to that in their retail stores....and ready to bring that ultimate experience to their fans and consumers. This is the game changer for 2016.