“Hold on, I have to post this on Instagram”: Trends, Talk, and Transactions of the Experiential Consumer
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Just a few years ago, consumers proudly showcased material purchases of the latest fashion accessory or technological gadget. Now they are more likely to post online about experiences, rather than the consumption of products. This ‘experiential economy’ and the consumers that characterize it are real phenomena and are showing up in travel trends, industry conversations, and even in transactions. Social media communications about where people stay, eat, and visit is the content that gets the most ‘likes,’ and it enables consumers to share experiences and stories with friends. By its very nature, hospitality is a natural beneficiary of these trends in consumption—but how can the industry target audiences to capitalize financially on experiences?