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How “experience” !became the new black
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The Futures Company is the world’s leading foresight and innovation consultancy. We combine best-of-breed quantitative and qualitative datastreams, a 35-country global intelligence network and a unique set of proprietary frameworks and methodologies to unlock new sources "of growth for our clients.
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Jeff Yang is The Futures Company's head of multicultural insights, overseeing Mticultural MONITOR — TFC’s category- leading insights service focused on America's dynamic ethnic consumer markets — and leading the delivery of custom consulting solutions that track and translate consumer attitudes and
behaviors across the African American, Asian American and Hispanic communities. As a senior vice president in TFC’s Trends & Futures group, he provides strategic consulting in technology and media, exploring the current landscapes and emerging shifts in devices, services and content creation and distribution. He writes Tao Jones, a regular column for The Wall Street Journal Online (blogs.wsj.com/speakeasy/tag/tao-jones/), and can be found on Twitter at @originalspin.
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The slogan of the ’80s Brands. Possessions. Things.
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The slogan of the ’10s Memories. Sensations. Experiences.
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72% of Americans would rather spend money !on “experiences” than “things”
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SOCIAL
TECHNOLO
GICAL
ECONOMICENVIR
ONME
NTAL
POLITICAL
DESIRE FOR EXPERIENCE
a perfect STEEP storm
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Social The Rise of the Millennials
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95 million strong Largest generation in history $900 billion in buying power 62% say it is important to find excitement and sensation in life (vs. 49% of Gen Xers)
43% say it is important to satisfy hunger for new experiences (vs. 34% of Gen Xers)
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Social The Multiculturalization of America
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Four in 10 Americans are nonwhite (by 2042, 51%) $1.3 trillion in buying power
Novelty seekers: 46% say it is important to stretch yourself !to try new things (vs. 33% of whites)
Early adopters: !36% say they tend to buy products with the latest innovations as soon as they come out (vs. 20% of whites)
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Technological The Mainstreaming of Immersive Interfaces
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62% of American kids aged 5-8 have used an iPhone 4 in 10 American kids under age 4 and over half !of kids aged 5-8 have used !an iPad
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Economic The Push for Disownership
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52% of Americans have chosen to rent, borrow, or lease items instead of buy them in the past two years. 49% plan to “disown” traditionally-owned items in the next two years.
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Environment The Drive for Sustainability
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Two-thirds of global consumers say they prefer to buy companies that practice social responsbility. Nearly half (46%) say they are willing to pay more for products and services from these companies.
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Political The Search for Inspiration
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In 2008, 54% of Obama !voters were "very enthusiastic." Only 17% of McCain voters felt that way.
In 2012, 3 of 4 Obama supporters said their vote was for him; 23% said they voted against Romney.
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! Do sweat the details ! Tell stories. Make memories. ! Help them believe in magic ! Surprise and overdeliver ! Remember: !
Consumers remember
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Thank you. Jeff Yang, SVP, The Futures Company [email protected] Twitter: @Originalspin
