The experience economy: moments over materials

Two young women enjoying a party

The experience economy has become a lifestyle choice, with entertainment and travel outperforming retail in recent years.

Even as financial pressures continue, people are carving out room in their budgets for memory-making. Whether it’s a night out, a short break or a one-off cultural moment, consumers are prioritising the emotional return on their spending.

Key takeaway

From festivals to far-flung getaways, UK consumers are placing more value on experiences than possessions. Even in a cautious economic climate, they’re managing their budgets to make spending feel more worthwhile. Notably, 13% say they feel less guilty about spending on experiences, while 16% prefer gifting experiences to physical items. And for many, the memories matter most: 63% would rather talk about something they did than something they bought. 

Moments that matter

Spending on entertainment and leisure continues to thrive as one in four UK consumers (24%) say they will spend more on memorable experiences and events this summer compared to summer 2024. 

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Hospitality and leisure's share of spending (versus retail and wholesale) peaked at 37% in August 2024

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Consumer spending on travel has grown consistently in every month since April 2021

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Spending in entertainment has grown in 42 out of the most recent 48 months since May 2021

This infographic shows key findings in response to the survey question, “Thinking about your spending on entertainment compared to 10 years ago, to what extent do you agree or disagree with the following statements?”

Shifting attitudes on entertainment​

Demand for entertainment remains high, but rising consumer expectations and shifting perceptions of value over the last decade and reshaping how people prioritise what they're paying for.

This infographic shows key findings in response to the survey question, “Thinking about your spending on entertainment compared to 10 years ago, to what extent do you agree or disagree with the following statements?”​

Data highlights:​

  • 30% of respondents agree that entertainment costs more but offers less value​
  • 20% of respondents agree that they now pay more for entertainment and subscriptions​
  • 13% of respondents agree that entertainment is as important as it was 10 years ago​
  • 9% of respondents agree that they attend cinema/concerts more often than before​
  • 8% of respondents agree that they spend a greater share of disposable income on entertainment​
  • 8% of respondents agree that entertainment experiences have improved in quality​

Sharing the experience

Social media has elevated the role of entertainment – transforming nights out, concerts and live events into shareable moments that help define identity and status. But, while demand remains high, perceptions of value are more mixed.

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27% say the quality of entertainment experiences has improved in the past decade

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39% say spending on entertainment is still just as important as it was 10 years ago

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58% believe entertainment no longer offers the same value for money

What this means for brands

Experiences are now currency. Brands must create moments that matter – and ensure they feel worth the investment.

1

Elevate the emotional return

Connect through joy, meaning or memory-making

2

Quality counts 

Consumers are more discerning than ever. Stand out or risk being cut out of their spending plans

3

Make it shareable

Amplify brand reach by designing experiences that consumers want to talk about

Rich Robinson
“Consumers still want those memorable moments – but they’re more critical about what feels worth the spend and this means they’re also raising their expectations. The bar for what feels “worth it” is higher and brands in the entertainment space must deliver standout quality or emotional resonance to justify the cost.”  

Rich Robinson, Head of Hospitality & Leisure at Barclays UK Corporate Bank

Get in touch

To discuss your business requirements and how Barclays can support you, contact us today.