Experiences Versus Stuff

“If I could go back and skip buying all the stuff, I would do that” said a friend to me just yesterday. We were talking about our high school kids and what they are thinking about concerning college and careers. My son is contemplating taking a gap year to travel, explore, and experience.

The desire to experience rather than own things is a trend that seems to be gaining momentum. In a recent study published by Forbes, Millennials are top of the list when it comes to “NOwnership.” They are skipping the shopping to hit the Escape Rooms or themed 5K runs in an effort to meet new people and share experiences.

Retail brands, restauranteurs, and even apartment developers are now looking to provide their customers and tenants with experiences that will create the sense of community that millennials seem to be searching for.

Millennials aren’t the only ones seeking experiences however. The baby boomers are jumping on that band wagon too. “Things” used to represent milestones in their lives, but today it’s a different story with all ages changing their buying habits. According to a study conducted by the Center for Generational Kinetics and Expedia, 74% of Americans prioritize experiences over things. The Boomers are entering the stage where “less is more.”

Creating Experiences

As the desire for experience increases, it is vital that event producers think outside the box to provide outstanding experiences for all clients. For example, this year, in an effort to switch up a bike race that’s been happening for over 10 years, I decided to add a unicycle race as a part of the event. So far I’ve only had a couple of unicyclists sign up, but it’s important to take a risk and try new crazy ideas. I don’t know of any other venue that includes unicycle racing. That will be a memorable experience for both the participants and the spectators!

When the Milwaukee Marathon reviews started coming in after race day, the runners appreciated the course itself, but even more they commented that the pre and post party activities were the highlight of the event.

Mix It Up

Running, one of the world’s most accessible sports which used to be more of a solo activity, has become more and more about group themed and team runs. You may have noticed the increase in obstacle courses, mud runs, and group relays, all in an effort to experience the fitness culture in a new way and to share those experiences with others around a common passion.

For Festivals that occur on an annual basis, my team works to introduce at least one new and unique act or performance each year; we never book the same music for consecutive years. We implemented this rule over a decade ago.

No matter who you are or what kind of business you work with or own, it’s definitely time to start thinking about what kinds of experiences you can offer your clients, tenants, and customers.

Do you have a signature event? If you do, are you keeping that event fresh and new?

Even more importantly, can you ride a unicycle? If so, I know of an awesome race happening this summer.