The old saying goes, “He who dies with the most toys wins.” It’s a quote that’s attributed to Malcolm Forbes, a multimillionaire publisher. Forbes was born in 1919 just before the height of the Great Depression. A lot of people who came out of those lean times took a lot of pride in the amount of stuff that they owned. That attitude of consumerism really gripped the United States during the postwar era and clear through the 1980’s. It’s only been in recent decades that attitudes about how we spend out money have started to change. Today, the Millenial generation has turned the notion of winning through consumerism on its head. Today’s generation value experiences over things. It’s those changing attitudes that have made a trampoline park franchise and other experienced-based businesses profitable ones.
Shifting Attitudes About How We Spend Our Money
CNBC reported in May of 2016 that “Millenials are prioritizing their cars and homes less and less, and assigning greater importance to personal experiences.” They also note that in a Harris Group poll, over 70% of Millenials said they would rather spend their money on an experience than on a material item. Those experiences can be anything; a music festival, a trip through a foreign country, an elegant dinner out, or even time in a trampoline park. The emphasis is placed on building memories, spending time with friends, and having great photos to put on social media sites. Make fun of selfies all you want, but remember that a selfie posted in a business is free and effective advertising.
It’s about more than showing off on social media, though. An article on Forbes.com (the magazine that was started by Malcolm Forbes, author of the quote used at the beginning of this article, no less) written in March of 2016 notes “Recent research from San Francisco State University found that people who spent money on experiences rather than material items were happier and felt the money was better spent. The thrill of purchasing things fades quickly but the joy and memories of experiences, from epic adventures to minute encounters, can last a lifetime.” Millenials are happy borrowing cars, renting their house, and staying in shared homes on vacation. They are all about making memories.
This shift in attitudes and priorities when it comes to spending money means that many traditional retailers are struggling to survive. When the next generation doesn’t care about buying a car when they can Uber, then car dealerships are going to suffer. When they want to attend a festival rather than buy a new wardrobe every year, clothing retailers are going to suffer. You’ve seen the effects over and over as major retailers have declared bankruptcy and shut down. But a company who can provide people with the experiences they want to have, that’s the company that is going to profit in the next decade.
How Your Trampoline Park Franchise Fits In
The Millenial generation was born between 1981 and 1997. This is the generation now having kids. When parents are placing an emphasis on experiences over things, then their children are going to do so, too. That means families are looking for experiences they can have together instead of throwing away their money on another cheap plastic toy. Trampoline parks and other experience-based businesses for families are thriving in the new economy. Parents are far more willing to shell out a couple bucks when they think their kids are getting an experience they’ll remember fondly for years to come. It doesn’t hurt that the trampoline park is great exercise, either! This is the generation that’s eating healthier and smarter, too, forcing businesses like McDonald’s to rethink their menu offerings to attract a younger, more health-conscious crowd. A trampoline park is already doing that, with plenty of activities to help keep young people and their parents engaged, excited, and active.
Start a Business That’s Made for the Next Generation
Are you looking for a franchise opportunity that’s perfect for the changing economy? Retail is suffering but the experience industry is booming. You can learn more about our trampoline park franchise opportunities by giving us a call or contacting us through our website. We’ll send you more information about starting a Rebounderz franchise in your area and brining fun, healthy, and memory-making experiences to the families in your area.