The Instagram Era. The Experience Economy. Whatever you call it, the trendis clear: Driven by millennials, consumers are increasingly shifting their spending toward experiences and away from stuff. From 2014 to 2016, personal spending on experience-related services grew four times faster than spending on goods, according to a McKinsey study.
That trend is also clear from Valentine’s Day, a day synonymous with jewelry, flowers, and chocolate. For example, looking at data across the Button Platform, we saw that Entertainment was as a top shopping category in the days leading up to Valentine’s Day last year.
Here are a few other trends from the data:
Most shopping happened between 11 A.M. and 3 P.M.
There’s lots of shopping happening early in the morning. Shoppers spent an average of $41 between 12 A.M. and 6 A.M, mostly on entertainment.
The lesson for brands here is clear: Marketers should study their user transaction data and understand what their customers are shopping for and when, so that you can surprise and delight them with the right content at the right time.