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Consumers are embracing neo-hedonism

Diageo, maker of Smirnoff, Gordon's, and Guinness, has released a report offering insight into five consumer trends on how consumers will spend their money in 2024. Four of the trends are very applicable to how location-based entertainment venues (LBEs) can enhance the attractiveness of the experiences they offer:

Neo-Hedonism: Consumers are re-evaluating how they spend their money, searching for innovative ways to experience pleasure and meaningful experiences in their everyday lives rather than ostentatious displays of wealth. A June 2023 poll by Experian found that 60% of Millennials and Gen-Zers prefer to spend money on life experiences rather than saving for retirement. Neo-hedonism is a newer trend, with consumers searching for meaningful & unique experiences over wealthy gifts. This includes the desire for social spaces where they can come together and connect with like-minded individuals. Neo-Hedonism is poised for growth, reflecting consumers' increased pursuit of pleasure in new and diverse ways within their budget. This trend will continue to evolve in the coming year, redefining indulgence for consumers.

Betterment Brands:Consumers are increasingly eco-conscious, becoming more aware of the environmental and social impact of their choices. Although not a new phenomenon, its importance cannot be downplayed, with consumers increasingly (+44%) seeking ways to align their purchasing decisions with their values by supporting businesses that embrace sustainability and responsibility as core values, offering guilt-free consumption.

Conscious Wellbeing: There has been a transformation in how consumers define health and happiness, with consumers placing greater emphasis on their wellbeing in a more holistic view, recognizing the need to prioritize not only their physical health but also their psychological, emotional, sexual, social, and financial wellbeing. An Ipsos poll found that over three-quarters of consumers (78%) think their mental health is as important as their physical health.

Collective Belonging: Consumers are increasingly seeking real and virtual spaces that embrace unity, acceptance, and allow them to engage with like-minded individuals. People are increasingly gravitating towards virtual and 'IRL' (in the real world) spaces that provide a sense of inclusivity, where their interests and passions take center stage. Collective Belonging will continue to shape how consumers find connections and a sense of belonging in a more fragmented world.

LBEs that fine-tune their offerings and experiences to tap into these consumer trends will find increasing success in 2024 and beyond.

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