Summary of Key Points:
Europeans love cinema: Nearly half of Europeans are happiest watching a film at the cinema, valuing the unique experiences it offers.
Cinema boosts the local economy: The release of popular films like Deadpool & Wolverine and events like the Cannes Film Festival lead to significant increases in spending at nearby restaurants and bars.
Experience economy is thriving: Cinema's popularity reflects a broader trend in Europe towards spending on experiences, with card spending on experiences increasing to 22% in the first half of 2024.
Mastercard's role: Mastercard is actively supporting the experience economy through sponsorships and initiatives aimed at providing 'Priceless Experiences' to its customers.
Key Takeaway:
The passion for cinema in Europe is strong, and it's driving significant economic impact. This trend is part of a broader shift towards the experience economy, where people prioritize spending on experiences over material goods.
Trend:
The rise of the experience economy in Europe, with cinema playing a significant role.
Consumer Motivation:
Happiness and enjoyment: Cinema provides a unique and enjoyable experience that makes people happy.
Unique experiences: Attending premieres or meeting actors are seen as 'priceless' opportunities.
Social connection: Cinema can be a social activity, allowing people to connect with friends and family.
Driving the Trend:
Post-pandemic shift in priorities: People are prioritizing experiences and well-being after the pandemic.
Desire for unique and meaningful experiences: Consumers are seeking out experiences that offer more than just entertainment.
Increased accessibility to experiences: With events like film festivals and concerts, people have more opportunities to engage with their passions.
Target Audience:
European consumers, especially those who value experiences and are willing to spend on them
Film enthusiasts
People seeking unique and memorable experiences
Product/Service:
Cinema experiences (watching films, attending premieres, meeting actors)
Mastercard's Priceless Experiences platform
Age of Target Consumers:
The data doesn't specify age groups, but the trend towards experiences suggests a broad appeal across various age groups.
Conclusions:
Cinema is a powerful driver of the experience economy in Europe.
Brands and businesses should focus on providing unique and meaningful experiences to connect with consumers.
Mastercard's focus on Priceless Experiences positions them well to capitalize on this trend.
Implications for Brands:
Focus on experiences: Shift marketing and product strategies to emphasize the experiences associated with their offerings.
Partner with events and experiences: Collaborate with events like film festivals or concerts to offer unique experiences to customers.
Create personalized experiences: Tailor experiences to individual preferences and passions to create lasting memories.
Implications for Society:
Boosting local economies: The experience economy can drive spending and create jobs in local communities.
Enhancing well-being: Experiences contribute to overall well-being and happiness.
Fostering cultural engagement: Experiences like cinema can promote cultural appreciation and understanding.
Big Trend Implied:
The growing importance of the experience economy and the shift in consumer priorities towards experiences over material possessions.
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