THE NEW KIND OF RICH

There’s been a huge shift in how consumers are shopping and spending money. The novelty of material items and gift-giving is diminishing and being replaced with this concept of ‘experience’. Who’s leading the way? That’s right; Millennials.

The largest generation in the Canadian workforce are spending their hard earned income on experience related purchases instead of buying ‘stuff’. With the growing technology of online shopping and buying product at the press of a button, filling your home with possessions isn’t difficult. Millennials want to feel connected. The investment in an experience is considered more valuable and feeds a hunger for adventure. Happiness isn’t focused on career status or materialistic items. For this generation, a meaningful and carefree life is about making memories through experiences that squeeze the juice out of life.

PwC Canada has done studies that prove Millennials are losing interest in owning ‘stuff’. Results showing that 52% of shoppers ages 18-34 are spending money on travel and social experiences, versus 39% among older consumers. Another study performed by Harris Corp. infers that people born between 1980 and 1996 prefer aiming their resources towards entertainment, festivals and atheletic recreation rather than possessions.

People don’t want to own things anymore. Wealth is being measured in life-enhancing experiences, not luxury material goods. The belief is that the accumulation of knowledge resulting from participation of life will make you happy – rather than owning fancy things.

Mermaid lessons on a beach in the Philippines, or new Lululemon leggings?
Climb Machu Pichu, or hang a 60″ television in my living room?

If you could be rich, what kind of rich would you be?