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5 major shifts in consumer spending

MoneyTalksNews ran a article last month on 5 major shifts in consumer spending from the 1980s to today. Four of them apply as much to location-based entertainment venues (LBEs) as to consumer products.

Understanding these shifts in consumer spending reveals crucial insights into current economic conditions and offers foresight into future trends. As technology and societal values continue to evolve, the ability to adapt and innovate in response to changing consumer preferences could be key for LBE businesses success.

We think it is important for LBE operators to consider how these shifts affect their venues and changes they might consider, so here are some extracts from the article.

The rise of digital goods

Digital goods have become a cornerstone of modern life, shaping how we access entertainment, information, and essential services. This shift has not only changed consumer habits but also created new opportunities for businesses to innovate and expand. . . From streaming content to cutting-edge health solutions, technology is reshaping everyday experiences.

Health and wellness investment

With heightened awareness of well-being, consumers today are investing heavily in health and wellness products and services.

This shift underscores a broader societal trend towards prioritizing a healthy lifestyle, creating opportunities for growth in industries that support physical and mental well-being.

Experience over possessions

Modern consumers are increasingly valuing experiences over material possessions, prioritizing travel, dining, and unique activities.

This shift reflects a desire for personal fulfillment and memorable life experiences, influencing how industries cater to consumer demands.

Looking ahead, businesses that focus on creating meaningful customer experiences may likely thrive in a marketplace that values personal satisfaction over traditional ownership.

Sustainable and ethical choices

Today's consumers are more environmentally conscious, choosing products that reflect ethical and sustainable practices.

This trend has pushed companies to adopt greener operations and transparent supply chains, reinforcing the importance of corporate responsibility.

As environmental concerns grow, the push toward sustainability is set to shape future consumer habits.

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