U.K.’s Experience Economy Set to Spring Forward
April 11, 2024 | LondonPrioritising Moments That Matter: Half of Brits set to spend more money on experiences this year, according to new Mastercard research.
In a year when major events are arriving in the UK including global artist music tours and the Champions League final, Mastercard has revealed that 50% of British consumers are set to spend more on experiences this year compared to 2023, in new research that unpacks key trends shaping the UK and European ‘Experience Economy’ in 2024.
- 50% of British consumers are set to spend more on experiences this year compared to 2023
- 4 in 5 (80%) said spending on experiences is usually, or always, worth it
- 40% said that how ‘one of a kind’ an experience is would be a determining factor in spending
- Data from the Mastercard Economic Institute reveals that the share of spending on experiences such as travel or dining out across Europe increased in 2023 to 22% of total spending, from 19% in 2019.
- Brits' top priorities include travel, food and live music
When it comes to why this prioritisation of spending on experiences is happening, the ‘intangible’ benefit it brings is cited as a key driver. 4 in 5 (80%) said spending on experiences is usually, or always, worth it, in stark contrast to the 2% who find it rarely or never worth the investment and 28% of British consumers specifically prioritise saving for experiences in their overall financial budgeting.
With the Champions League final coming to Wembley this year, Football remains a key priority for Brits. 71% of respondents in the UK said they are happiest when watching their football team play, compared to the European average of 60%.
Concerts and live performances remain popular in the U.K., as 30% of Brits say that they intend to spend on trips to the theatre this year (higher than the 26% average across Europe) and 39% planning to spend on live music – also higher than the European average of 35%.
The trend towards prioritising spend on experiences over ‘things’ is one that is supported by data from the Mastercard Economic Institute, which reveals that the share of spending on experiences such as travel or dining out across Europe increased in 2023 to 22% of total spending, from 19% in 2019. In comparison, the share of spend on material goods remained stable.
Mastercard is a longstanding partner to dozens of Europe’s most renowned entertainment and sports institutions. This year’s lineup includes, among many others, the UEFA Champions League Final at Wembley, Roland Garros, Festival de Cannes, Berlinale Film Festival and League of Legends, as well as hundreds of Live Nation concerts across multiple European markets.
Methodology
Mastercard surveyed 16,141 consumers across 20 countries in Europe (including 1,000 in the U.K.) plus four other markets such as the USA and China, to unpack key trends shaping the European ‘Experience Economy’ in 2024. See ‘Methodology’ for further info.
Mastercard powers economies and empowers people in 200+ countries and territories worldwide. Together with our customers, we’re building a sustainable economy where everyone can prosper. We support a wide range of digital payments choices, making transactions secure, simple, smart and accessible. Our technology and innovation, partnerships and networks combine to deliver a unique set of products and services that help people, businesses and governments realize their greatest potential.
