70% of Africans now prioritize experiences over products or things. Baby Boomers are entering a stage where â€œless is more,â€ while younger generations, particularly Millennials, are leading the charge in placing a newfound value on experiences, more than things. Research has also shown that shared experiences with friends and family drive longer term happiness, while happiness derived from material goods tends to decline after the purchase.
Additionally social media has a significant impact on experiential spending as many consumers use social networks as primary means of communicating. As consumers participate in experiences it has become common to curate and share these experiences via their social media feeds. This social sharing provides detailed information and reviews, expanding the scope of consideration and reducing consumer risk.