Millennials shift spending from goods to experiences as costs rise

Millennials are spending less on material goods and more on experiences as rising living costs reshape consumer priorities in Kenya and across Africa...

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Kenyan Millennials are increasingly prioritizing experiences over material goods due to rising living costs, shifting their disposable income towards social gatherings, live events, and curated outings. This change in consumer behavior is reshaping how brands compete for engagement among young consumers.

Nearly 60 percent of millennials worldwide prefer spending on experiences or events rather than material purchases, according to Experian.
Kenya's entertainment and media revenues reached $3.8 billion (Sh491 billion) in 2023, projected to rise to $4.8 billion (Sh619 billion) by 2028, per PwC.
Matata Dickson, founder of Crispy Life Events, highlights the growing interest in experience-based gatherings like the Rhythm and Brunch series.

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