Consumers are Choosing Memories Over Material Goods

US consumers are increasingly spending on experiences rather than physical goods.

Outlays on concerts, sporting events, amusement parks, theatres, museums, travel, and accommodation have picked up in recent quarters. According to Goldman Sachs, real spending growth in experience-related categories is now outpacing the broader services sector.

The shift is especially visible among younger consumers, many of whom are prioritising memorable trips, live events, and shared experiences over buying additional products. While pent-up demand after the pandemic helped kick-start the trend, the latest data suggests it is evolving into a more lasting change in spending habits.

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Why the Trend is Holding Up

Much of this spending is being driven by higher-income households, which are better positioned to absorb rising costs for travel, entertainment, and leisure. That helps explain why experience-related businesses continue to perform well even as consumer confidence remains subdued.

The sector may also be less exposed to the rapid expansion of artificial intelligence. While automation is reshaping areas such as software, media, and professional services, industries built around in-person experiences still rely on physical attendance and human interaction. That gives hotels, theme parks, live entertainment, and sports businesses a demand base that is harder to replace.

Higher ticket prices, rising travel costs, and a softer labour market could eventually weigh on discretionary spending. For now, however, consumers continue to put experiences ahead of possessions, a trend that could keep the travel, hospitality, entertainment, and live-event sectors firmly in focus.

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