Key takeaways

• For 88% of people, a love of life comes from experiences.

• 44% of Americans believe the vacation memories they make are priceless.

• Almost three-quarters of travelers seek out authentic local experiences.

Shelling out cash for unique adventures and immersive experiences can be pricey — but for about half of Americans (44%), the memories they make when vacationing are priceless. 

In lieu of collecting material possessions, many consumers are putting their money where the memories are — opting to invest their disposable income in traveling, going to restaurants, concerts, and music festivals, or immersing themselves in other authentic experiences that resonate emotionally. This approach to memory making is fueling a global events industry — the “experience economy” — that’s projected to reach $2.1 trillion by 2032.¹  

Read more: Shifting American spending habits

Moments over merchandise

McKinsey reports that increasingly consumers’ interest in experiences is rising, while the appeal of tangible things is declining.² What’s driving the desire to tap into the next memorable moment? Happiness, for one: A vast majority of Americans (88%) say that their love of life comes from experiences, and more than half of people (53%) say financial happiness is being able to pay for experiences with people they cherish, according to Empower findings.

Fear of missing out may be a factor too: Some 51% of Americans have financial FOMO and are most likely to spend money on experiences like dining out (21%), travel (18%) and concerts or other events (15%). In fact, 86% of Gen Zers say they overspend on live events, citing FOMO as a top reason.³

In recent years, pent-up demand caused by the pandemic may have further sparked FOMO and a desire to make up for lost time: U.S. spending on experiences surged after the halt in travel, dining out, and other activities during lockdowns, jumping 65% from 2019 to 2023.⁴

Read more: Financial happiness

Memory lane

The trend of prioritizing experiences is showing staying power, with travel and live events expected to fuel it in 2025: A record 5.2 billion people are expected to fly in 2025, up 6.7% from last year, with travelers eyeing destinations popularized by TV shows, concert and music venues, or mountain and seaside spots.⁵ Global entertainment company Live Nation is projecting feverish ticket sales for events this summer, with the number of live shows playing in stadiums up 60% year over year.⁶

The specific event or location itself isn’t the only draw — it can also be about finding the right  “vibe” or community to share in and savor the moment.⁷ For some this means staying in fewer places or immersing in a local culture for an extended time: Dubbed “slow travel,” the practice is gaining popularity, with almost three-quarters of travelers seeking out authentic, local experiences, according to Hilton’s 2025 trends report. And it’s not just destinations or events. Activities like bowling, amusement parks, zoos, water parks, “edutainment” (attractions with a learning component), and combined dining/entertainment options are also drawing in people seeking shared experiences.

Read more: The changing landscape of travel rewards

The bottom line

Though some won’t put a price on moments that matter, a look at spending across some sectors offers some insight into how people value their experiences:

• Travel. According to Empower research, Americans expect to spend approximately $10,600 on trips and vacations in 2025.
• Entertainment. Americans spend $284 monthly on entertainment on average, Empower data shows.
• Sports. Sports tourism is on the rise, with people laying out cash for both travel and tickets — upwards of $1,500 on average, including at least $300 on tickets alone.
• Restaurants. Americans spend an average of $777 monthly at restaurants according to Empower Personal Dashboard^TM data.* 

As consumers continue to explore immersive opportunities that help them feel connected, the trend toward experientialism is likely to continue — and translate to businesses amping up their technology and services to help deliver those memories that matter.

Read more: The upgrade economy: Spending surges as crowds level up entertainment