Memories over materialism: Gen Z’s experiential spending goes beyond mall visits

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From impromptu scuba diving off Indonesian islands and flying to Abu Dhabi for rock concerts to pottery workshops, intimate courtyard music sessions and high-altitude treks, Gen Z is redefining discretionary spending, with ‘fun funds’ increasingly shifting from shopping and routine mall visits to immersive, memory-making experiences.

Data from the BookMyShow-EY-Parthenon report Beyond Attention. Into Immersion. substantiates the trend, noting that 78% of Indian consumers now prefer experiences over physical products, with 44% of spenders making unplanned experiential purchases.

The report also states experience hubs range from live concerts and comedy tours to cultural gatherings such as Comic Con, Spoken Fest, or Van Gogh 360, a travelling digital art exhibition.

Parallel research from real estate company CBRE’s Gen Z Checks In report highlights that since the pandemic in 2022, spending growth on experiences across Asia-Pacific has outpaced physical goods, driven by pent-up demand and a desire to make up for lost time.

For 23-year-old Mumbai-based entrepreneur and musician Shanelle Ferreira, experiential spending spans everything from street food tasting in Hong Kong to Bachata classes, wine tastings, pottery workshops, kayaking, and treks. When her favourite rock band announced a show in Abu Dhabi, she and her partner skipped local Mumbai gigs to fly overseas for a bucket-list event.

"What got my partner and I started on spending on experiences is the financial security of starting our career in music early," Shanelle said.

“Scuba diving classes taken spontaneously on Kili Island in Indonesia were one of our biggest experiences. I don’t look at it as an expense, 'cause the memories are something I will always carry with me. The more you spend on experiences, the more motivated you are to earn more. You have something to work towards,” she added.

For Samhitha Kandadai, a 24-year-old entertainment manager in Mumbai, experiential spending centres around curated music and art evenings. Aiming to attend live concerts almost every month, alongside intimate studio gigs and indie art stalls, she notes that these immersive experiences create a third space for Gen Z .

“You pay for just the event or activity, but you go back with so many experiences. I personally feel that Gen Z is generally against the corporate hustle; we feel like we genuinely need time and spaces to clear our minds, invest time and energy into something that matters to us,” Samhitha explained.

For some, the shift towards experience-first living is triggered by life-changing events. Swaroopa R, a 21-year-old creative marketing manager from Tamil Nadu's Karur, said her relationship with money changed after undergoing knee surgery and five months of rehabilitation. After she recovered, she funded a seven-day trip to Meghalaya using her freelance savings.