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Public Engagement in Experiential Futures

Experience economy

Consumer surveys are showing a general trend towards consumers placing more importance on experiences than possessions, which is particularly evident amongst the millennial demographic. In particular, social media presence and a “fear of missing out” are drivers for millennials’ preference towards experiential purchases over material possessions. This trend has caused retailers such as Macy’s to adopt experience-based models to drive consumer purchases, such as incorporating mini-concerts, yoga classes, and cafes into the retail environment. Psychology studies reinforce this trend to show that purchasing experiences tend to be more rewarding, and that there is a correlation with increased happiness.

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