British parents are more interested in investing in a variety of exciting experiences, such as cultural trips and visits to art galleries and museums, than spending on the latest gadgets and toys, according to an April 2016 study commissioned by British holiday company Thomson Cruises.
Confirming the consumer trend towards favouring experiences over products, the survey found that 85% of parents value the process of making memories with their children over providing them with material possessions.
The study also found the majority of parents prefer to show how cultural or open-minded their child is than brag about material wealth, with perfect Instagram pictures and well-travelled children among the top 20 modern-day pressures facing parents.
Over three-quarters (78%) of respondents felt that travel and experiencing other cultures were important to a child’s development. A third felt pressure to have a varied family holiday, taking in different destinations each year.
"With a generation of adults that have fully embraced the digital age, it's clear that the priority is shifting to ensure their children have a healthier balance between gadgets and new experiences that will contribute to their development," said psychologist Emma Kenny, who worked with Thomson Cruises on the research.
Our New-Era Luxury Macro Trend explores how consumers are creating a new paradigm for luxury based on experience. See Travel for the Experience Collector for deeper insight into consumers’ desire for authentic and immersive experiences.