One thing is for sure that given the events of the past 2 years, our world is looking very different, especially when it comes to the priorities, preferences and expectations of our consumers. Consumers attitudes have become less materialistic, with them placing more emphasis and importance on making meaningful memories rather than simply just owning possessions. They have moved towards brands that can offer them valuable worthwhile experiences, and ones that support their wellbeing. This comes as no surprise given the numerous of lockdowns we’ve endured, not being able to enjoy special moments with family and friends and the mental strain this has had. Consumers have realised where the value lies for them and they are not planning on taking their social lives for granted ever again, with them investing and indulging into it even more. So, what does our post pandemic society look like when it comes to how and where consumers will be spending?
Whether it is a digital experience or a physical one, people in society are now craving coming together with loved ones and living life to the full. Rather than spending money on the latest fashion trends and technology items on the market, they are putting their money into holidays, festivals and events. Therefore it is imperative organisations stay agile, redesign and innovate their offerings to enhance the experiences they can offer to boost demand, no matter what industry or sector they are in. Take Waitrose for example, a British supermarket, that specialise in selling quality groceries. But since the change in consumers behaviours, spending and attitudes, they have innovated and ventured into expanding their offerings into the experience sector. Launching their brand-new cocktail experience, where customers can create and have their very own masterclass in cocktail making, with the option to have it as an in person event or virtually.
With Black Friday and Christmas on the horizon we begin to wonder how will this new attitude from consumers affect what they are buying this year? 76% of consumers now value experiences over physical materialistic products, therefore we are sure to see a shift in demand for experiences, transforming the way shoppers will gift and purchase on these holidays. Even last year when we were mid pandemic the sale of experiences still increased majorly, the only difference being the majority of these were digital experiences. This year with even more lost time with family and friends to make up for and stronger desires to get out and go do things, when it comes to Black Friday and Christmas, experiences will be at the forefront of all gift ideas and lists this year, not resorting to the standard traditional ones like beauty products, technology and toys.