The World is Moving Back to Offline Experience, and Millennials are Leading the Way
- slingshotmagazine
- Mar 7, 2019
- 2 min read
Updated: Mar 10, 2019
by Klara Blazejovska
Millennials have long been the butt of the joke. As the first generation to have only learned about a world without the internet, they have been online for most, if not all, their lives. They have been called self-centred, selfish, unreasonable, tech obsessed, entitled and then some.
But isn’t all bad news for the generation. In 2017 Market Watch published a listicle of industries that the millennial generation is saving, among which were public libraries, gyms and live entertainment. These are industries widely regarded as beneficial to the society, or not?
In 2015 Nielsen, a market researcher based in London, found out that 73 per cent of millennials would spend more money in order to buy sustainable product.
Now it seems like there is a new addition to the list of millennials’ good deeds - the drive to purchase experience over material goods. Although the shift from material to experience is a cross-generational one, it is the youth which leads the way to sustainable, experience-based lifestyle with 78% of millennials choosing to spend money on experience rather than possessions.
This is causing shifts of global markets. The World Travel & Tourism Council records that travel and tourism makes up over ten per cent of global GDP. In 2017, the sector’s direct growth was 4.6 per cent and it outpaced the world economy growth for the seventh consecutive year.
Millennials were born into bad economic conditions. They inherited notoriously large university tuition fees, small chance to be able to purchase houses and deteriorating climate issues.
The most hated and talked about generation is now the majority of a workforce in the UK and the second biggest spending group. And they are set to influence the economy even more in the future.
And I will leave it to you, to decide the impact we will have.
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