A generation shaped by uncertainty is prioritizing memories over material goods.
For decades, success was often measured by the size of one’s house, the flashiness of a car, or the latest designer handbag. But for Gen Z, the youngest generation coming of age today, the markers of achievement are shifting. Rather than accumulating material possessions, they’re placing greater value on experiences—travel, creative pursuits, and meaningful connections—over things.
It reflects deeper cultural changes, shaped by economic challenges, climate anxiety, and the rise of digital minimalism. Growing up in a world marked by financial instability and constant technological distraction, Gen Z is redefining what it means to live a fulfilling life. Here’s why this generation is more focused on making memories than buying more stuff.
1. Financial insecurity has changed spending priorities.
For many Gen Zers, the 2008 financial crisis wasn’t just a history lesson—it was a defining backdrop of their formative years. Add to that the economic uncertainty spurred by the COVID-19 pandemic and rising inflation, and it’s no surprise this generation approaches money differently. 77% of Gen Z would rather spend on experiences than stuff, with 61% choosing memories over possessions, according to Deloitte’s 2023 report.
Rather than investing in long-term luxury purchases, many young people are choosing to spend on experiences that offer immediate value. Travel, concerts, and dining out provide a sense of joy and fulfillment that physical items often fail to deliver. In a world where job security feels increasingly elusive, spending on experiences feels like an investment in happiness rather than a risk.
2. Social media rewards experiences, not possessions.
In the age of Instagram and TikTok, experiences have become the ultimate social currency. Sharing photos from a scenic hike or a unique cultural event generates more engagement—and social validation—than posting about a new gadget or clothing item.
A whopping 72% of Gen Z would rather post about exciting experiences than material purchases on social media, as mentioned in a 2023 study from Meta’s Business Insights team. The result has been a growing desire for adventure and authenticity.
Gen Z places greater value on living in the moment and sharing those moments with their networks. Experiences are no longer just personal—they’re stories to be shared, adding a layer of connection that material items simply can’t provide.
3. Environmental awareness drives mindful consumption.
Climate change looms large for Gen Z, with many seeing overconsumption as a direct contributor to environmental destruction. Growing awareness of environmental issues has prompted a shift toward minimalism and intentional spending. First Insight’s 2022 sustainability report reveals most Gen Z shoppers happily pay extra for eco-friendly products, making experience-based spending a perfect match for their green values.
Instead of buying fast fashion or upgrading to the latest phone every year, many young consumers are focusing on sustainability. Experiences like eco-tourism, volunteering, or supporting local businesses allow Gen Z-ers to align their spending with their values. Choosing experiences over things becomes a way to reduce their ecological footprint while still finding joy.
4. Digital minimalism shapes lifestyle choices.
Growing up with constant notifications and endless streams of content has left many Gen Zers craving simplicity. Digital minimalism—a movement aimed at reducing screen time and fostering real-world connections—has influenced how they spend their money and time.
That craving for simplicity now extends from technology to physical possessions. Instead of cluttering their spaces with items they rarely use, Gen Z prefers to invest in activities that bring genuine fulfillment. Nature retreats, creative workshops, and social gatherings offer meaningful alternatives to material accumulation.
5. The rise of the “experience economy” offers new opportunities.
Businesses have noticed this generational shift and are adapting by offering more experience-driven services. Pop-up events, immersive art installations, and curated travel packages cater to Gen Z’s desire for unique, shareable moments.
The shift has opened up job opportunities that align with Gen Z’s values. Careers in travel, digital content creation, and event planning allow young people to blend passion with profession, further reinforcing the importance of experiences over material wealth.
6. Mental health awareness fosters meaningful connections.
Gen Z has been at the forefront of normalizing conversations around mental health. Rather than chasing status symbols, they’re more likely to prioritize well-being, connection, and personal growth.
Spending on experiences—whether attending therapy retreats, engaging in mindfulness workshops, or simply traveling with friends—offers emotional fulfillment that possessions cannot. Focusing on mental health reflects a broader understanding of what truly contributes to long-term happiness.
7. Remote work offers the freedom to prioritize travel.
The rise of remote work has made it easier than ever for Gen Z to explore the world without sacrificing career goals. Digital nomadism has become a lifestyle choice for those who want to blend work with adventure.
Instead of spending money on a permanent home base, many young workers are opting for flexible living arrangements, allowing them to travel while maintaining professional stability. Having this freedom has allowed experiences to become a central focus, encouraging personal growth beyond what material accumulation can offer.
8. Experiences foster personal growth and resilience.
While material possessions can bring temporary satisfaction, experiences often offer opportunities for learning and growth. Traveling to new countries, trying unfamiliar foods, or learning a new skill can build confidence and resilience.
Gen Z recognizes that personal development is often rooted in stepping outside one’s comfort zone. By prioritizing experiences, they’re investing in memories and life lessons that will outlast any material purchase.
9. Cultural shifts are redefining success.
For previous generations, success often meant owning a home, driving a nice car, or securing a high-paying job. Gen Z, however, is redefining success as living authentically and prioritizing meaningful experiences.
That doesn’t mean Gen Z dismisses financial security—it just indicates they’re less likely to equate their self-worth with material wealth. Instead, success is measured by personal fulfillment, creativity, and the ability to explore the world on their own terms.
10. The future of consumerism is experiential.
As Gen Z’s influence grows, brands and businesses are adapting to meet their demand for meaningful experiences. From Airbnb’s curated stays to virtual reality adventures, the marketplace is evolving to prioritize connection, creativity, and immersion.
The change highlights a broader shift occurring within consumer culture. While material possessions will always hold some appeal, the emphasis on experiences reflects a deeper understanding of what truly enriches our lives: moments, memories, and meaningful connections.