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The rise of experience-driven businesses for new millennial families

by Frank Price, guest author

The millennial generation, now the largest consumer group, has shifted their priorities away from traditional material possessions towards experiences that create meaningful memories and emotional connections. This trend has led to the rise of experience-driven businesses designed to cater to the desires of the new millennial family. Experience-driven businesses focus on differentiating themselves by enhancing their offerings with more meaningful, interactive, and emotionally engaging experience. This allows them to position themselves as high-quality, high-value, and a unique brand that reflects the personality and preferences of this new millennial family persona.

Intangible "People" Driven Experiences are in Demand

Millennials place a greater emphasis on intangible "people" experiences over average or below-average transactional businesses. As the size of the family market compresses, experience-driven businesses that provide memorable, shareable, and community-building experiences are thriving, while more traditional transactional models struggle or become forgettable fast by not staying relevant.

Adapting to Millennial Priorities

To cater to millennials, businesses are transforming their operations to become more experienced-focused. This includes creating immersive social environments, offering experiential events and activities, while leveraging technology and social media to foster deeper, personal connections with guests. By prioritizing experiences over traditional product-centric models, these businesses can better align with the values and preferences of the new millennial family.

The Good News ... Charge More

Offering limited available or unique experiences, allows these businesses to charge more and justify it, because you can't get it just anywhere. Only we have the secret sauce you've been hearing about. If your offering meets their new definition of value … "Was it worth my time and money? Is it far better than the average? Can I only get it here? Is it worthy enough for my socials? Does it make me feel good and will I remember it?" Then you are golden.

FrFrank Price has 35-years' experience teaching location-based entertainment venues on how to deliver winning guest experiences. Check out his online training modules. He also runs Birthday University. You can sign up for his newsletter here.

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