Millennials are adventure-seekers. They want to live in the moment, have fun with their friends, and make memories. They’re willing to spend their money on experiences such as concerts and trips to have a good time and document what they’re doing. As affordable adventures become increasingly important to Millennials, companies should take note and find ways to offer them experiences as well.
We often hear that Millennials want to be a part of epic activities whether that’s attending the coolest concert, partaking in a fun ski weekend with their friends, or making their own fun while thrift shopping. They want to have a story to share and pictures to prove how awesome it was. FOMO (fear of missing out) and YOLO (you only live once) became common catchphrases in the past year, highlighting this Millennial mindset that you should live your life to the fullest. Moreover, social media has amplified this sentiment. Millennials, now more than ever, have exposure to everything they are missing out on, making them more inclined to do and try everything. Where one checks in and what images they post help garner likes and social currency. That doesn’t mean material possessions don’t matter to Millennials, but they’re very interested in experiences that they can partake in with their friends and share with the rest of the network.
However, given the difficult economy, Millennials are practical in how they pay for these adventures. Many use sites such as Groupon or LivingSocial to achieve these cool experiences at a reduced cost. They’ll try a restaurant they may not ordinarily be able to afford, or plan a cool activity like whitewater rafting. They may do these things ordinarily without using deal sites, but regardless, they’re savvy in figuring out options that fit their budget and they’re sure to tell their friends about good finds. Others may make a fun dinner with their friends to try a new cuisine and cut back on dining out. Millennials also exhibit high-low budgeting and plan ahead to afford epic events. If they want to road trip to a music festival, they’ll save up to splurge on this special experience. They’ll also allocate their money towards certain entertainment or events since they view them as once in a lifetime or something that they can’t miss out on.
For this reason, Millennials are also drawn to food festivals, color runs, or awesome events across the country like the world’s largest snowball fight or city-wide pillow fights. They want to feel a part of something greater, and in an age where they’re often separated by screens, they value these moments where they can come together. The popularity of flash mobs last year also reflects this as Millennials like to join together to make things happen. They’re a generation that celebrates teamwork and they want to go to events including EDM concerts where the excitement comes from feeling part of the crowd.
Companies don’t have to be involved in major events in order to reach Millennials, but they should consider ways to provide consumers with some sort of experience. This can be by having in-store events, photo booths, or DJs to generate interest and excitement. Others sell items out of a truck or set up pop-up stores or tents to capture the attention of passerbyers. Scavenger hunts or in-store fashion shows are other ways to provide interactive entertainment. Young people will be more interested in spending time at your store if you give them something to do and a memorable activity to participate in and share with their friends.