The experience economy is influencing millennials’ decision-making process when purchasing within a retail environment. Millennial consumers are shifting from materialistic goods, and are realising how experiences can contribute to their happiness and wellbeing. Traditional purchases like a mortgage or a car were once important to older generations however, millennials have proved time and time again that their priority and main interest lies on experience related purchases, where they can connect with others whilst shaping their identity.

 

The aim of this project is get a better understanding of millennials’ spending habits and how experiences are redefining the meaning of happiness. Through social media shares, millennials are collecting memories as virtual possessions to compensate for the reduced material possessions. Since everything is broadcasted on social media, instead of enjoying experiences for what they are, millennials are recording their experiences and posting them on social media in a boastful manner. 

 

The E-motional economy is encouraging millennial consumers to value their emotions when completing a purchase, resulting in retailers to collect emotional data to create a more personalised experience reflecting on its consumers’ feelings and emotions. Retailers are expressing the term ‘stuffocation’ within their retail spaces through new singular product releases, allowing the consumer to identify with each product intensively. Singular retailing is enabling consumers to be subconsciously educated further on ‘living well with less’ through only completing necessary purchases, reducing clutter and the feeling of being overwhelmed.