Mastercard report: prioritising tourism experiences over material goods
15-05-24
Experience is the cornerstone of our industry, and as professionals, we understand exactly what consumers are looking for and value in the experiential realm. Therefore, Mastercard's global ‘Experience Economy’ report on consumer habits and experience trends for 2024 is highly relevant. This report not only sheds light on these issues, but also reveals that 94% of Spaniards will invest in experiences this year and 82% will increase their spending in this area, analysing what consumers are looking for in experiences. Good news for our sector!
The report confirms a trend that began several years ago: the preference for experiences over material goods. According to the Mastercard Economic Institute, in 2023, consumption on experiences increased by 22%, while spending on material goods remained stable. Data from the Experience Economy report explains the reasons behind this trend and highlights what consumers value most when choosing experiences.
Consumer Trends in Experiences for 2024
The report gathered opinions from more than 16,000 consumers in 24 countries, revealing that outdoor activities top the list of preferences for this year (42% of respondents), followed by cultural events such as live music (37%), film festivals or premieres (34%) and gastronomic activities (32%).
Reasons for Choosing Experiences
The reasons consumers choose experiences are varied and reflect various aspects of personal and social value:
Health and Wellness (15%): Many consumers value self-care and seek experiences that promote their wellbeing, such as sporting competitions and events that disseminate mental health or lifestyle information.
Exclusivity and Status (13%): Exclusivity is a key factor for some consumers. Unique and unrepeatable events, such as exclusive parties or VIP access to concerts, are highly aspirational.
The Setting (10%): An attractive venue is key for some consumers. The setting is as important as the experience itself, underlining the importance of offering directories of suitable venues for different events.
Relationships and Connections (10%): Sharing experiences with loved ones or other attendees is essential for many. The ability to strengthen bonds through shared experiences is a decisive factor.
Accessibility (8%): Ease of access to events is crucial. With good connections and infrastructure, consumers are willing to travel for exciting experiences. Twenty-nine percent of respondents say they would travel for an experience they are passionate about.
This Mastercard report not only highlights a growing trend, but also provides a clear guide for experiential professionals on what consumers are looking for and valuing today. Investing in experiences continues to gain traction, and understanding these factors is key to continuing to deliver what consumers want.
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