Why consumer spending power is shifting toward purpose, passion, and bucket lists

Business Insider

6 days ago

Across the globe, there has been a reframing of traditional markers of wealth. True wealth is no longer defined by material things, but rather by experiences with those who matter most, whether that's exclusive access to a hot new restaurant or front-row tickets to a show you've been waiting to see for years.
New Mastercard research reveals that today's consumers are chasing purpose, passion, and moments that matter. According to Mastercard insights, two-thirds of consumers consider checking off bucket-list experiences, including travel, dining, and entertainment, a top priority. This trend is even more prominent among the higher-earning demographic, with 59% saying they prefer experiences over buying things, and 46% citing spending time enjoying such experiences with loved ones as a leading personal goal.
Bunita Sawhney, chief consumer product officer at Mastercard, notes, "Consumers are stepping away from the pursuit of perfection and leaning into intentional living. They're asking, 'Does this bring me real fulfillment?' and making choices that reflect that."
Globally, higher-earning consumers spend 167% more than the average consumer on foreign travel, 51% more on specialty foods, and 41% more on entertainment. Regarding dining and experiences, they are six times more likely than general consumers to be interested in pursuing elevated dining and unique travel experiences.
Tapping into the fulfillment economy
From the perspective of banks and other financial institutions, it is critical to engage higher-net-worth individuals. Comprising 17 million people and with a collective spending power of $3 trillion, this demographic is a powerful engine for growth in the future, across the financial services sector and beyond.
Leaning into the changing preferences of consumers provides clear opportunities for businesses to build consumer trust and long-term loyalty. However, doing so requires moving beyond the transactional and instead placing emphasis on more tailored products and services. This is especially true for financial services, as banks seek to capture the attention and loyalty of consumers who are increasingly drawn towards experiences and personalized offerings.
"In today's world, fulfillment isn't about what people own — it's about how they live and the memories they've made," Sawhney observes. "It's about spending time with the people who matter most, doing the things that bring you joy. And for brands and banks alike, the message is clear: If you want to earn loyalty, offer memory-making experiences."
International reverberations
What's clear is that this is a global trend — and financial institutions in all corners of the world are turning their attention to how best to meet consumers' pursuit of fulfillment, through curated rewards programs worldwide.
That's why Mastercard has launched The Mastercard Collection — a new suite of benefits across World, World Elite, and the all-new World Legend cards. Designed for a world where time is the ultimate luxury, The Mastercard Collection offers access to unforgettable dining, entertainment, and travel experiences across the globe, at home, and when traveling.
Citi recently launched its new Strata Elite Credit Card, which offers cardholders flexible benefits that are customizable to fit their lifestyle. It is the first World Legend Mastercard issued — Mastercard's most prestigious consumer card to date. World Legend is designed for consumers who want exceptional access to experiences that bring them closer to their passions.
"Our new Citi Strata Elite Card is the first credit card with Mastercard's premium benefits, bringing cardmembers best-in-class rewards across travel, dining, entertainment, and more," said Pam Habner, head of US branded cards and lending at Citi. "Together with Mastercard, we're offering unmatched benefits we know affluent customers will value, catered to their unique lifestyles and passions."
Consumers globally have growing expectations of their payment cards. Whether it's culinary exploration, artistic endeavors, or cultural immersion, The Mastercard Collection empowers cardholders and their loved ones with access to elevated, globally connected experiences that are tied to their top passions.
Elevating experiences and fostering loyalty
As the race for high-value customers intensifies, attention and loyalty hinge on fostering an emotional connection. Benefits that unlock unforgettable experiences and quality time with loved ones aren't just perks — they're powerful differentiators. In a world where time is the ultimate luxury, joy is measured not by "things" but by the moments that matter.