Tourism and Entertainment Insight: Affluents Prefer Experiences

It's all about "experiences." Ask Gilmore and Pine, the authors of Experience Economy, but also look at what the real world surveys are saying.

Affluent consumers are those with an annual household income of $100,000 or more. About six in ten (59%) say they get the greatest personal satisfaction from experiences such as fine dining, travel, entertainment, cultural/arts events and sporting events.

One in five (21%) prefer personal luxuries such as automobiles, fashion and jewelry, while 20% are most satisfied by household luxuries including furniture, kitchenware, linens and bedding.

Between mid 2003 and mid 2004, affluent households spent an average of $10,060 on experiential luxuries, $14,270 on personal luxuries and $12,300 on household luxuries.

Check out Saurage Research.

So...now what is your community plan to offer in its travel and tourism market?