Just like any generation, millennials have placed a huge value on material goods, but their value on time and experiences has increased. Their passion for these values has trickled down to activities that benefit their personal health, mindfulness and work life balance.
In a stress-filled world, shared experiences have taken on new importance for the current generation. Whether the goal is to reduce stress, relieve anger or build teamwork, experiential concepts have found a successful niche with a younger generation that places a premium on experiences.
More Than a Passing Craze
The hallmark of a successful franchising concept is not about focusing on popular trends. It's about finding viable concepts that can stand the test of time. Millennials have let it be known that they value experiences over things when it comes to how they spend their money. However, these experiences go far beyond exotic vacations and music festivals. This has led to a rise of experiential gaming concepts that are turning the franchising world on its ear. And they're not going anywhere anytime soon.
Research shows that the experience economy is stronger than ever. Driven by the rise of social media and the disruption of the retail space, experiential concepts offer a service that cannot be replicated through online retailers. Although experience-based concepts keep one foot firmly planted in the physical world, they are also exceptionally shareable through social media when supported by good old fashioned sales and marketing. Through this shareability, experiential franchises succeed through their own economy of connection.
The Team that Plays Together Stays Together
Team-building exercises are nothing new in the business world. From trust falls to fire walking, everyone has heard some horror story of high-minded team-building exercises from the corporate retreat. But what if these exercises had a broader appeal, and they were actually fun, better yet, effective? From offices to families and friends, experiential gaming gives consumers a unique service and experience over which they can bond.
These concepts range from arcade-style sports games to battle-hardened team building, yet each shares a common theme. This is a theme of creating shared experiences through friendly and matched competition. Many companies and social circles are bonding while also letting off steam thanks to franchise concepts with a focus on collective experience.
Extreme Experiences Excite an...