Released as part of the agency’s new division, set to share invaluable insights to help experiences and brands better understand, connect and engage with desired audiences, The [Gen] Y to Z of Experience shares informed predictions for the industry revealing ground-breaking stats across anonymity, sexuality, the decline of social media and more in relation to the Gen Z experience economy.
Under its brand new insight-led division, Full Fat Source, a trends report has been released on the future of the Experience Economy and how Generation Z will shape it with their desire for anonymity, more fluid ticketing ideals, and changing social media behaviours.
Gathering insights from industry experts and over 500 Gen Z survey participants (aged 16-24), Full Fat has collated a comprehensive series of stats, trend statements and opinions that lift the lid on the future of experiences.Full Fat Source is a brand new division by London-based creative communications agency Full Fat, to help brands and events authentically and impactfully connect to this new generation coming of age. The division will encompass annual trend reports, culture briefings, monthly podcasts and see the curation of a youth board and mentorship scheme this year.
The experience economy is estimated to bring millions of pounds into the UK economy every year, up until now the unprecedented growth of this sector has been driven by millennials.
Predicting the trends for the experience economy over the coming decade, Full Fat’s Gen Z Report shares insights into the real Gen Z experience from the elusive audience’s perspective and the industry insiders that are already catering to them.
Megan Morass, Co-Founder, Full Fat says, “Full Fat has been at the centre of the experience economy for almost a decade. As we usher in a new generation, we want to help our clients create on and offline experiences that really engage, creating long term relationships with Gen Z’ers. The report sets out the must do’s for any experience provider during the 2020s whilst providing a framework for the next generation of events.”
Ella McWilliam, Co-Founder, Full Fat comments further, “The report coincides with the launch of our new division, Full Fat Source, which provides insights, mentorship and content to demystify the experience economy for our clients and network. As an agency we pride ourselves on delivering world-class campaigns that speaks to the desired audience and this new division will help elevate this to new heights. We’re incredibly excited to see this develop over the coming year and beyond.” The report predicts that the five trends that will change the experience economy will include ‘low key’ experience, fluid flows, purposeful pleasure, future-driven collectives and an anti-insta revolution.
1. ‘Low Key’ Experiences
A whopping 94% of Gen Z’ers consider Low Key experiencers as relevant to their life and are likely to attend. Generation Z are rebelling against being showy and are much more likely to kick back at home or away with friends. Industry experts are predicting this will invoke a shift in nightlife attitudes, wherein experiences offer a more intimate and low-key.
2. Fluid Flows
84% of gen Z’ers want fluid and inclusive experiences where they can turn up and leave whenever they want. The report predicts that ticketing ideals will change and the industry will see a rise in fluid and inclusive non-ticketed experiences where the consumer can leave as quickly as they arrive.
3. Purposeful Pleasure
78% are likely to attend experiences that blend purpose and pleasure. This generation has a sense of duty to care about the world around them. However, they want to have fun in the process. To truly engage with this generation through experiences, pleasure and purpose need to be deeply connected.
4. Future Driven Collectives
75% want to go to future driven collectives, experiences with a purpose to create change, where they can take control of their future. Both Gen Z’ers and Full Fat’s industry experts expect to see a change in the way brands align with initiatives and their political stance. The experience industry will very likely change to incorporate more purpose-driven events that attract the ‘woke’ generation.
5. Anti-Insta Experience
Generation Z are rebelling against the polished, cool millennials and their obsession with broadcasting on Instagram. 83% prefer experiences, which are not overproduced, so they are authentic. What’s more, 89% think the experience is so much more important than collecting content for their personal social media channels.
The report also lifts the lid on the importance of festival line-ups, the prioritisation of human-to-human connection and the predicted decline of gamification.
In addition to the unique report, Full Fat Source will launch a monthly podcast, offering impactful insights from the people that have committed their life’s work to the experience sector. The first episode sees Full Fat co-founder, Megan Morass interview Mark Newton, an expert in live and digital experiences including global events business Broadwick Live, Hideout Festival and virtual reality music platform MelodyVR. The episode discusses event innovation, work lifestyle, 2020 predictions and much more and will be released this month.
Over the course of the year, Full Fat Source will launch culture briefings, annual trends reports and a youth board and mentorship scheme. Details will be revealed in the coming months.
2020 will also see Full Fat bring ‘experience production and creation’ in house with Full Fat Creation. Having outsourced event production up until now, this arm of the business will see the agency utilise its extensive collective expertise within the sector and take ownership of its output.