"Welcome to the new rich...we don't care what kind of house you live in, what kind of car you drive, or those designer brands. What we value the most is time, experience..."
Wondering where those words are from? It is one of the latest trending audios circulating on Instagram, perfectly describing the consumers' needs shifting from possessions to experiences. Many brands already recognize this change and constantly work toward helping consumers achieve the need to develop their idealized selves. But, how can they fully connect and cater to them?
Conspicuous Consumption vs. Conspicuous Experiences
The desire to reach and maintain a certain social status can be traced back to the beginning of humanity. However, the term conspicuous consumption surfaced around the 19th-20th century with "The Theory of the Leisure Class", a book written by the American economist and sociologist, Thorstein Veblen. During that time, in the U.S., there was a boost in the income of the middle class. They could afford to splurge on products or services that were considered a luxury. Today, we can see that this concept has massively spread worldwide. Branded clothing, expensive cars, tech devices, and more serve as a means to showcase wealth and fulfillment. But does it mean it brings people closer to finding their happiness?
For decades, studies have shown that buying material things can lead to a satisfactory life but not a fulfilled one. Instead, buying experiences is much more thrilling and exciting in the long run. After all, getting tickets to Coachella is a lot more memorable than buying those €500 shoes.
Photo Credits: Natacha de Mahieu, Theatre of Authenticity
So, where did the trend come from?
Probably you have experienced periods when it seems like everyone is traveling to the same places and trying the same experiences. Well, that is the power of travel blogging and social media influencers. A recent project by the artist Natacha De Mahieu explored this phenomenon, and the result was quite interesting. Instead of choosing popular landmarks, she chose to identify the most Geotagged destinations on Instagram. The aim was to show the impact that social media has to turn even the most off-the-beaten-path places into must-visit destinations.
So, it only takes one popular image to make trends come and go in waves. With millennials and Gen Z-ers always on the hunt for the next Instafamous spot, their preferences have shifted towards experiences over material possessions. Even research found that people spending on experiences rather than material items were happier and felt more fulfilled. They want to develop and present their idealized selves to the world, which leads to a sense of self-actualization. It is no longer about accumulating things but about accumulating experiences.
So, how can your platform enable customers to fulfil the need to explore and get personalised experiences?
Aligning your brand with the new era
Soon, consumers will buy directly from the brands they love and trust. This trend has increased in recent years as consumers have become more savvy and knowledgeable about the products and services they use. At our core, Tickitto enables you to "Open the World" of experiences for your customers. We give you a solution to build the bridge between you and your customers by integrating you into this experiential culture.
This was the case with the go-to super app for Middle-Eastern customers, Careem. It revolutionised how consumers interact with brands in the region. After dominating convenience via a one-stop shop in the Careem app, the next step was to incorporate tickets for their customer's favourite events and experiences. We worked to embed our white-label ticketing solution into their app, enabling them to reach their customers directly.
Another great example is Juno. In the past, the benefits and incentives industry would have to sell tickets to employees at scale in order to integrate with suppliers. Obviously, that was impossible. However, Juno turned this industry around. After an incredibly fast integration of our platform of just 2 days, they are helping employers give their employees benefits where they find personal value while also benefiting from the incentive program.
After getting off to a roaring start as one of the world’s first carbon-negative travel providers, Euroventure’s customers were not only looking for a once-in-a-lifetime trip. Instead, they were looking for a once-in-a-lifetime experience. Therefore, we worked together to curate a site experience that connects their eco-conscious customer's needs with their values.
Similarly, as a new airline (with a killer TikTok account), Norse was offering transport to their customer's desired destinations. But why not take it one step further? By giving Norse’s customers access to their travel itinerary in all one booking process, not only are they increasing their revenue, but Norse is the gateway to their customers' whole holiday experience.
We break down the barriers and build the bridge with our partners, so if you’re ready to open the world for your customers, check out how we can help you!