We’re all working harder, longer and getting greyer quicker. Our houses are getting smaller and more expensive to maintain. GenerationY are by no means Generation buy and are more likely to pay exorbitant rent than have a mortgage.
Yes, times are much harder – but our appetite for life has never been bigger.
People are still prepared to spend on going out and sharing a good meal or that special holiday abroad. Think how many times you reminisce over that trip away, that summer festival or that brilliant new restaurant you found in town.
The truth is people remember experiences more than they remember objects. That is because an object is far less personal, where as an experience can be unique to us, it plays on the senses and becomes a memory to cherish. Think of the times you’ve yearned for that sought after hand bag or PlayStation. Only to buy it, love it, cherish it and not long after have the novelty wear off and the guilt of spending a few hundred pounds to set in.
Now obviously, people have to buy a certain number of products in life to get by. But as competition increases for people to spend their cash, brands better get used to fighting harder for that customer. After all they’ll be looking for an experience to remember and in turn talk about and share with their friends. Social media has taught us just this and more than ever brands will need to think long and hard about how to deliver that unique experience through their products or services in order to standout.
Get it right, it will drive word of mouth and deliver customer satisfaction that rewards the business and customer for years to come. Get it wrong and brands run the risk of just become plain irrelevant.