Millennials are the age group most likely to treat themselves to an experience rather than shop for clothes and shoes.
More than a third (36%) of 18 to 34-year-olds agreed said this, compared with 29% of those aged 35 to 54 and only 19% of over 55s, a survey by Deloitte has shown.
The findings are part of a report into the growing leisure industry as consumers shift towards spending at restaurants, bars, cafes and trips to the cinema over material items.
In 2018, spending on clothing fell 3% year on year, in comparison to spend on pubs, up 12.9%, restaurants, up 9.1%, and cinema, theatre and dance, which enjoyed a 6.9% boost, according to Barclaycard.
The trend is thought to be driven, in part, by the desire to share experiences on social media.
Simon Oaten, partner for hospitality and leisure at Deloitte, said: “In the age of social media, the tendency for consumers to document and share their lives digitally has grown. Consumers don’t just want a good product but also the experiential aspect, be it an in-store exercise class, or distinctive decor to form the backdrop of social media posts.
”Experiences have become a new ‘currency’ in social interaction, and a way for consumers to distinguish themselves online.”