Rob Carrick is on holidays. Business reporter Pippa Norman is writing the newsletter this week in his absence.
Today’s consumer doesn’t just want to buy something, they want to be a part of something.
Everywhere I look this summer, spaces in the city are beckoning customers in with photo ops, interactive displays or immersive exhibits. A recent big bank poll found almost 70 per cent of Canadians would rather spend their money on an experience this summer than a physical item.
Another survey found that entertainment experiences like concerts or dining out are among the most popular ways Canadians plan to use rewards earned from loyalty programs this summer, following grocery bills and vacations.
Open Table CEO Matt Davis says it’s no longer just about the food at Canadian restaurants. Instead, the industry is increasingly catering to consumers who want to be enticed by a visually compelling interior and unique menu items too, like the champagne and cake tower at Haven Kitchen and Bar in B.C.
As a cash-strapped 22-year-old who must choose where she spends carefully, I’m all for this trend. I’ll happily trade in a tangible purchase that I must find a home for in my tiny studio apartment, to have an experience that leaves me with a memory and a sweet Instagram pic.
Some experience-based adventures, like travel, can be pricey. A 2024 study by Blue Cross found Canadians spend an average of $4,200 on a vacation and 94 per cent feel travel costs are increasing. But while a vacation can be worth the splurge, I’ve found joy in curating my perfect summer moment without having to tap into my savings.
Before moving to Toronto for the summer, trips to an inner-city sauna near our home in Vancouver or brunch with friends at a patio with our pups were regular experiences I chose to cash out for. Now, in a new city, experiences like bike rides with friends along the lakeshore, free Olympics viewing in the city’s Distillery District and visits to a permanent immersive tech and art exhibit in Toronto’s fashion district are enticing me.
By prioritizing my experiential wealth this summer, I’m seeking out priceless (sometimes quite literally) memories that leave me feeling something – rather than just holding something.
Subscribe to Carrick on Money
Are you reading this newsletter on the web or did someone forward the e-mail version to you? If so, you can sign up for Carrick on Money here.
Pippa’s personal finance reading list
You really are richer than you think: How to get a handle on your money dysmorphia
The other day my partner asked me to get to the bottom of why he can’t stop spending when he doesn’t have the budget to support it. I was stumped, for a moment, and then I read this.
Beyond Meat Unveils ‘Beyond Sun Sausage’ in Bold Move Toward Clean-Label Innovation
As a vegetarian, I’ve never been a fan of fake meats that are meant to mimic, well, real meat. Apparently, my tastes are aligned with the direction of the plant-based meat market, as companies like Beyond Meat pivot from an effort to replicate animal products to a blunt attempt to replace them with obvious vegan ingredients, like yellow peas or red lentils.
What kids and teens will learn from Ontario’s expanded financial literacy education
From a parent’s perspective, the province’s new financial literacy curriculum could help get through to their kids in a way they’ve otherwise been unable to achieve.
Young Canadians prefer in-person and hybrid work, according to a new report
Gen Z may be a generation of digital natives, but that doesn’t necessarily mean they want to hide behind their screens. Contrary to assumptions made about the young Canadians, a new study finds they prefer to work in-person and connect with co-workers in a way virtual work doesn’t always allow for.
Podcast fans
Subscribe to Stress Test on Apple podcasts or Spotify.
In the social sphere
Social Media: A shoutout to Chinatowns and their grocery prices.
Watch: CNN panel learns about ‘brat’.
Money-Free Zone: The podcast Heavyweight has become part of my daily morning commute – allowing me to escape into an emotional, poignant, and often a little awkward, moment in somebody else’s life before tackling my own.
ICYMI
More personal finance stories from the Globe:
- Social media is fuelling teenage spending. But some parents are fighting back, setting limits and teaching restraint
- When travelling with your child’s friend, who pays for what?
- Why investors search for a narrative when stock markets crash
- TD set to introduce fractional trading on its investing platform
