In recent years, there has been a rise in consumer spending on experiences, rather than possessions. The focus on ownership has shifted - people are more concerned with creating unforgettable life experiences. Many businesses have adapted to capitalise on this change, whether that be restaurants and bars or experience providers like Buy a Gift and Virgin Balloons.
There has been a revival of Experience Economy; an economy that relies on consumer spending on experiences, rather than possessions. First coined in 1998, there are many reasons why it has made a comeback in recent years.
The rise of social media has correlated with this change; people are seeing what their friends are doing, replicating it and of course, posting about it.
A rise in self-care and wellness is also an explanation for this shift. People are spending on experiences that will make them feel happier, such as spending time with friends and family. Research suggests there are many reasons why experiences have the power to incite more happiness than things, including:
- Material happiness is short lived; humans have evolved to adapt quickly to their environments, and therefore the thrill of a new purchase is fleeting.
- Experiences provide better memories; think about your favourite memories, are they things you have purchased in the past, life achievements or time spent with family and friends? I’d be willing to bet there’s more of the latter two than the former
- Providing greater opportunity to connect with other people; experiences have been proven to build and improve relationships. Sharing experiences around a common experience gives people something to bond over, think about how fruitful this could be for your employees
With all of this in mind, how can you help your employees experience more, without spending more?
People are opting to dine out more than ever, with restaurants and bars one of the biggest benefactors of Experience Economy. How can your current employee benefit package support this? Incorporating a discount dining membership is one way to make dining out more affordable. Whilst offering competitive perks aids employee attraction and retention rates.
A TableNow membership is an affordable option. It’s the perfect way to help employees save money on dining out by providing up to 50% off dining at restaurants nationwide. We offer memberships at competitive rates for businesses to purchase for their employees; it’s proved very successful so far!