The Millennial generation today as we know it is no longer compelled by the necessity for material fulfillment rather they pursue experiential attainment.
Millennials in Singapore continue to crave experience over material goods. This Asiaone exclusive piece will break down to you the difference of millennial pursuits from the previous generations.
The 5 Cs
For the previous generations such as Baby Boomers and Generation X that grew up in the development of capitalist societies, the Singaporean dream was defined by the obsession for the pursuit of the 5 Cs – Cash, Condo, Car, Country Club, and Credit Card.
Nowadays, that definition of living was already obsolete. Today, the new parameter of success is defined as only one E – Experience. The younger generations are different because they are disillusioned by the excesses and the superficial standards of success by the previous generations
The millennials right now crave unique and authentic experiences rather than material pursuits. Rather than sports cars and branded toys, the new bragging rights now go like this, say, a Batik fabric design class in Jakarta. Or having to visit an ancient Shinto shrine in Kyoto, Japan.
Millennial’s Common Behaviors
According to Ho Yat-Wai, an American Express (Amex) Singapore Country Manager, “Millennials are increasingly defined by their desire for enrichment, personal fulfillment and one-of-a-kind moments.” He also noted that half of his employees in Amex consists of Millennial and younger employees.
“What this means for cards is that they are less interested in what the card can buy; it’s about what the card enables them to do and the experiences it enables them to have,” Ho added.
This understanding convinced the firm to increase the benefits it put on its Platinum card. These new perks came about on July 30 and added such benefits as an S$800 travel credit which is comparable to the previous amount of S$400 credit, members-only space access, and bonus points for travel expenses.
Ho elaborated that the credit is only suitable for air travel bookings made from The Platinum Concierge, while the existing credit can be utilized towards tours, cruises, or hotel bookings.
Adjoined with access to over 1,200 airport lounges across 500 cities across the globe – which Ho alleged is the most available on any credit card in Singapore – the new suite of benefits packs is solely focused on travel purposes.
“With 78 percent of our Platinum card members traveling annually, we focused a bulk of the new benefits on travel,” Ho explained. “Their spending is mostly in line with our expectations. They also spend on watches or jewelry for themselves or their loved ones on special occasions. Occasionally, they surprise us with unique auction pieces or children’s toys during the festive season.”
Apart from the new benefits package, Amex also launched a temporary members-only space for its Platinum and Centurion card owners, open from Wednesdays to Sundays until Dec 31, 2018.
The exclusive space is called Platinum Vibes and it is located in the Marina at Keppel Bay, the lounge presents paid menus specially designed by popular chefs.
You may find that having your meal cooked by Yoshio Sakuta of two Michelin-starred Shoukouwa or Emmanuel Stroobant of one Michelin-starred Saint Pierre might not be quite as exotic as a Batik design class in Jakarta or visit in an ancient Buddhist temple, but Ho believed that they are fulfilling experiences nonetheless.
Millennials now are apt for eudaimonic happiness or pursuit for joy in experiences of meaning and purpose rather than hedonic happiness or pursuit of sensory and material pleasure.
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