Millennials - Fueling The Experience Economy
Millennials - Fueling The Experience Economy
Fueling the
Experience Economy
Millennials, Americas largest generation by population, are soon to enter their
earning prime. With a majority of this generation now in the workforce, they currently
1
command an estimated $1.3 trillion in annual consumer spending. Where will this
generation direct their wallets?
Eventbrites nationwide research of millennials (defined as Americans born
1980-1996, now ages 18-34) conducted by Harris, reveals this generation not only
highly values experiences, but they are increasingly spending time and money on
them: from concerts and social events to athletic pursuits, to cultural experiences
and events of all kinds. For this group, happiness isnt as focused on possessions
or career status. Living a meaningful, happy life is about creating, sharing and
capturing memories earned through experiences that span the spectrum of lifes
opportunities. With millennials now accounting for over one fourth of the total
U.S. population, their high focus on experiencing life supports the growth of an
economy driven by the consumption of experiences. The combination of this
generations interest in events, and their increasing ability to spend, is driving
the growth of the experience economy.
2013
Growth in total tickets sold to
2012
2011
Millennials command
over $1 trillion in spend
.05
Millennials enter
the workforce
.045
First Millennials
are born
.04
.035
.03
.025
.02
1970
1980
1990
2000
2010
60%
Millennials
45%
35-44
34%
45-54
19%
55-64
17%
65+
FOMO (i.e., the fear of missing out) is defined as the overwhelming sense that if you skip the party,
youre missing out on a once in a lifetime, amazing experience. For millennials, FOMO is not just a cultural
phenomenon, its an epidemic. Nearly 7 in 10 (69%) millennials experience FOMO. In a world where
newsfeeds and social media broadcast what friends are experiencing, the fear of missing out propel
millennials to show up, share and engage: a driving force behind the experience economy.
About eventbrite
Eventbrite enables people all over the world to plan, promote, and sell out any event, and has sold
over 200 million tickets and registrations worldwide. Eventbrite makes it easy for everyone to discover
events, and to share the events they are attending with the people they know. In this way, Eventbrite
brings communities together by encouraging people to connect through live experiences. Eventbrite's
investors include Tiger Global, Sequoia Capital, T. Rowe Price, DAG Ventures, and Tenaya Capital.
Learn more at www.eventbrite.com.