Lucy Porter dives into the trends pushing forward the experience industry from everyday activities to larger live experiences
We all know that the perfect work/life balance is hard to achieve. But when we do have a moment of precious leisure time, how do we determine the things we prioritise? Are we cutting back on experiences in 2024, or is the experience economy still seeing a post-covid resurgence three years on?
Creative communications agency PrettyGreen has released a new report, The Play Book, offering fresh insights into the UK’s evolving leisure preferences, spending habits, and the influence of demographics.
The research examined two sides of the leisure industry: from everyday leisure activities like home entertainment and hospitality, to live experiences including festivals, live music, and live sports.
Here we’ve pulled out four macro experience trends from the research, that could help align consumer brand strategies to changing consumer appetites for experiences in the year ahead:
Led by Gen Z and Millennials, the research shows there’s an increasing appetite for live events in the year ahead – with UK adults planning to spend more time and money on days out, live sports, live music and festivals than they did in 2023. Live sports and festivals are particularly poised for growth, with spending on live sports expected to see a 10% increase in time and 15% increase in spending, and festivals a 9% increase in time and 7% increase in spending.
One of the report’s brand commentators, Jon Evans, Chief Commercial Officer, System1 and Uncensored CMO Podcast Host, added: “The recent IPA Bell Weather Report found that the marketing budget outlook for 2024 is the strongest it’s been in a decade, with brand events predicted to see the most growth at +17.8% according to CMOs. The ‘why’ rests in consumers’ increasing demand for human connection. We’re still experiencing the pandemic bounce back, with hybrid working leading to a greater need for in-person interaction. As more work and leisure time is spent in the digital world, the desire for thrilling real-world experiences continues to increase, making it an essential channel for brands looking to build powerful audience connections.”
Whether it’s through owned experiences, sponsorship or brand activation at events, the experience economy boom indicates a fertile landscape for brand presence at live events, especially those targeting younger audiences.
The research also highlights a significant increase in expected participation in active events in 2024, such as marathons and 10K runs, with a 31% increase in time and 17% increase in spending intentions for active events in 2024. Yet again, this is led by Millennial and Gen Z males, with attendees participating in active events an average of 3.6 times a year.
As Nick Tuppen, CEO of mass participation events company, Threshold Sports, comments:
“The continued growth of wearable tech engaging people with their wellbeing and fitness shows how health is increasingly seen as the new wealth. Couple that with wider cultural trends for ‘athlete CEOs’, platforms like Strava cultivating active communities, and the cross-over of outdoor brands such as North Face becoming high street staples– and it’s no surprise that consumer appetite for active events is on the rise too.”
Although the frequency of people attending live sports events was higher, the report insights found that attendance at live music events trumped live sports last year across all ages (28% vs. 21% respectively).
The broad consumer appeal of music could signify huge potential for brand sponsorship and activation at music venues and festivals in 2024, which has perhaps been overlooked in favour of sports marketing in the past.
Jon Fish, Commercial Director at ABBA Voyage, agrees: "There’s a huge opportunity for more brands to engage with live music venues. Different artists bring different audiences, which can help brands to closely target niche audience segments, whilst being able to reach new consumers with each event. As live events are also more of a special ‘treat’, customers tend to have a more generous mindset and are happy to spend more and engage more with brands.”
While nearly half (48%) of UK adults said they enjoy ‘simply relaxing’ in their leisure time, around one in five like to spend their free time being creative (18%), learning new things (20%) and improving their health and wellbeing (22%). This is led by Millennials, who are more likely than Baby Boomers to enjoy spending their leisure time discovering new experiences (+7%pts) and meeting new people (+4%pts). Helping to fulfil this self-actualisation need could be an interesting opportunity for brands to think about reframing their proposition towards creativity and learning, or even creating NPD and experiences that consider wellbeing in a broader context.
With 15 years’ experience for consumer brands under her belt, Lucy heads up the agency’s central strategy and creative Studio, driving strategic development and integrated planning across PR, experiential and influencer campaigns. She thrives on creating work which makes a real-world impact, leading on the creative insight and strategy for Snapchat’s Hidden Black History campaign which won the PRCA’s Global Diversity & Inclusion Grand Prix Award. One of her proudest achievements was developing the creative strategy for LEGO's UK Christmas creative campaign called Build to Give, which has since been adopted as the brand’s global CSR platform positively impacting millions of kids around the world. Lucy is passionate about proving the effectiveness of creative comms and ensuring campaigns are insight-driven to create Less Ordinary impact for brands.
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