Millennials are Day Traders™ and They are Trading Up for Live Experiences

Posted by: Jeff Fromm

Live events create an experience that often times become some of our fondest memories. Everyone, regardless of age, has that one team or one performer that they follow, track tour dates, memorize team schedules and look forward to the night when they can see all of the action, LIVE. Millennials are quickly changing the live event industry through the way they research, purchase, experience and amplify these moments. Implications of this group’s behavior are evolving the live event experience (before, during and after) for the industry and consumers. They are the generation that equates value to memories and experiences; brands can no longer sell them a product but rather create an experience with them.

Ticketmaster, a primary ticket outlet, has taken notice of this generation’s influence and conducted several research studies to evaluate millennial characteristics. Of their 90M+ customers, millennials make up 28 percent of Ticketmaster’s fans, and this number is certainly on the rise. However, industry-wide research has shown that there is a Millennial Mindset® effect outside the defined18-34-year-old age group. Previous generations are taking cues from their children, grandchildren, employees, etc. to evolve the way they think and interact with brands and technology.

In turn, the Millennial Mindset® is casting a much wider net in the Live Event space, pushing brands to up their product offerings, ticket packages, in-venue experience and content.

Here are highlights Ticketmaster found in recent studies on Live Event Attendees.

  1. If Millennials can’t find the seats they want on their first try on one site, they are 38 percent more likely than non-millennials to go to another website and 67 percent more likely to use an internet search engine to look for their tickets.

We know Millennials Are Day Traders, they have grown up in a paradox of choice. As a result, they don’t chose a brand purely based on recognition, they research everything and go with the brand/product/service/experience that fits their current need state. In the Live Event space, this means they switch ticket outlets quickly to find their preferred seats and/or price point without any hesitation. Capitalize on this mindset by being transparent in your inventory and pricing, and keep them engaged with your offerings before they find someone else who will.

  1. 67 percent of millennial live event attendees buy tickets on their smartphones and are 31 percent more likely to do so than their non-millennial counterparts.

Picking up paper tickets at the box office or getting them in the mail is almost unheard of these days. Technology advancements have fueled an environment of immediacy where everything you need for your live event experience is at your fingertips, from consideration to purchase and redemption. Furthermore, in-event innovations like digital concession payment or ticket upgrades help to co-create a more memorable experience. 

  1. Overall, millennials are more likely to learn about live events, be influenced to purchase tickets and share their experiences through social media.

Ticketmaster knows millennials are 5x more likely to find out about a sporting event through Instagram and 65 percent more likely to find out about the same event through Twitter. This doesn’t imply that it is mandatory to be on these exact platforms as a brand; the bigger implication is that it is important to understand how your customers are being influenced and how they are amplifying their experiences. The path to purchase is evolving, opening up new entry and consideration points that need to be recognized and activated. True engagement happens when there is seamless integration between the physical and digital world.

Loyalty is becoming harder to capture. Understanding that consumers falling within the Millennial Mindset® prefer badge experiences to badge products, it is important to create regular, authentic brand moments that are shareable and talk-worthy. Make them want to come back again and again by providing an unforgettable experience that fits seamlessly into their lives.

*Ticketmaster provided all research for this post

About Jeff Fromm

Although not a Millennial as defined by his age, Jeff Fromm is the Millennial Marketing Guy. Jeff is President of FutureCast, a marketing consultancy that specializes in Millennial trends, and is a contributing writer at...See Jeff's full bio.