The Currency of Experience Has Global Value

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Research from YouGov on behalf of Priority Pass™, the world’s leading and original airport experience programme, has found that the trend for experience over material goods is global. Surveying over 10,000 consumers from 9 markets including Australia, China and South Korea in Asia Pacific (APAC) in September 2018, the data shows that respondents in APAC all overwhelmingly value shared experiences – which manifests most clearly in the form of holidays.

Key findings in APAC:

  • Travel topped the table of their favourite activities - Most people enjoy long-stay holiday overseas, with 39% enjoy exploring other cultures abroad 
  • Share of wallet shifting to travel - when asked what they would spend a US$300 cash gift on, almost a quarter of people (23%) would put it towards a trip away

  • Age really just a number - Holidays focusing on cultural activities, in particular, are valued across the board regionally. 36% of 18-24s, 34% of 25-34s, 38% of 35-44s, and 37% of 45-54s say going on a cultural holiday abroad is their favourite activity, compared to 45% of over-55-year-olds, which is the highest percentage across the surveyed age groups 

  • Holidays are not the only experiences they enjoy - Around a fifth of respondents like indulging in health and beauty services (19%) and watching live sports events (22%), while 52% said they like going to the cinema. And at the top of the experiences table, 56% of people said they enjoy going out for a meal.

  • A shared social experience is key to people’s enjoyment, and social media use also adds to the perception of value of an experience - Research reveals that travel for leisure and a trip to the cinema are the activities that were most likely to post about on social media (37% and 33%, respectively) compared to more solitary activities like a fitness session at the gym (13%) or buying luxury items (11%).