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Meet the citizens of the experience economy

In exploring the relationships between young people and their money, our Futureproof report identified five personality types that have evolved in response to today’s financial reality.

In this post we’ll be summarising some of the findings in relation to one of those types — Experience Cravers. For information on the other four, check out the report here.

Against a backdrop of student debt and increasingly unaffordable housing, young people are at the forefront of a shift in spending patterns and, as a result, a new set of values has emerged.

For many, experiences now matter more than ownership — and, because of social media, provide a greater source of status, too. This has fostered a culture of ‘living in the moment’, a movement rooted in the now-dated millennial acronyms of YOLO (You Only Live Once) and FOMO (Fear of Missing Out).

But this type of lifestyle is a phenomenon that goes beyond buzzwords and hashtags. The rise of the experience economy — spending money on doing things, rather than material possessions — has meant that, for many young adults, long-term thinking has given way to quick decisions and instant gratification.

Combine this with the fact that the economic and political future ahead is laced with uncertainty, and this mentality begins to make sense.

One of the key personality types to emerge from Futureproof — Bud’s report and podcast series into the complex relationships that young people have with their money — was the ‘Experience Craver’, someone who embodies the living in the moment mentality through their behaviours, attitudes and spending habits.

Download the Futureproof report


What is the price of social media?

More than half (53%) of Experience Cravers cite money as a cause of stress, while the main goal for 45% of them is to become debt-free. In short, it’s a lifestyle that doesn’t lend itself to stability — something Jamz Supernova discussed with guests Laura Whateley and Katherine Ormerod on the first episode of the Futureproof podcast, below:

Over the coming weeks, we’ll be sharing more podcasts, industry-focused insights and details on our exclusive event series inspired by the project via our channels. If you don’t want to miss them, sign up at the bottom of the page and we’ll send them, directly to your inbox.

The report and first two episodes of the podcast — hosted by BBC 1Xtra’s Jamz Supernova — are now live. You can check them out here.

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