The experience economy will play a key differentiating role in the evolution of urban developments as consumers demand greater value and quality from their in-person experiences. The majority of respondents across generations and regions consider experience important in choosing where and how they spend leisure time and their related purchasing, from a desire to travel to new places, wanting unique urban experiences, and prioritizing in-person activities. Respondents also share they are willing to pay a premium for this quality, especially among Millennials (80%).

At a time when increased wealth, digitization and technology are driving demand for more value from offline experiences, urban environments will be forced to adapt. In fact, over three quarters (76%) of people agree that cities need to offer new experiences to stay relevant. This is especially true of younger generations, with 84% of Millennials and Gen Z agreeing.

JLL Research, 2024

In a growing digitized world, integrating digital solutions to in-person experiences offers opportunities to enhance places and spaces as destinations of choice.

While 75% of consumers report feeling satisfied with online shopping experiences, people still express a preference for being in-store – where the majority of consumers (64%) say they prefer shopping in-person versus online. Developers and investors can capitalize on these desires, filling the gap with experiential retail and online/offline services, such as integrating digital strategies to allow a digital overlay for a more personal in-person experience, using different booking apps, digital enhancements and even augmented reality technology.

“Through this research we have seen how expectations of the built environment continue to evolve, how they differ across generations, and just how important the built environment is in driving our experiences and quality of life,” said Ruth Hynes, JLL EMEA Work Dynamics Research and Strategy Director. “Developers, investors and occupiers are seeing increased demand for ‘destination’ places and spaces, as consumers expect increased choice and quality in the places where they live, work and visit. And this is where we are seeing increased demand for research and data in planning and development, to unlock insights into consumer expectations across real estate. In increasingly complex environments, research and data-driven strategies for human-centric developments are more important than ever.”

The human desire for connection has always been fundamental, but JLL’s survey unveils a greater opportunity to capitalize on this through the built environment with experience-led strategies. Developers and investors should recognize this pronounced need for connection, tapping into social capital and the intangible elements of a sense of community to create ‘destination’ future spaces.

JLL Work Dynamics enables the world’s greatest organizations to do their best work. We manage facilities, projects and portfolios to shape a better world of work. With more than 60,000 local and global specialists, the team enables clients to enhance the performance of their portfolios and people to see what’s possible in a more sustainable and inclusive built environment. Through technology enabled solutions, Work Dynamics creates safe and inspiring spaces around the world for people to collaborate, innovate and drive meaningful change anywhere that work is performed. Work Dynamics manages over 2 billion square feet of real estate and has averted more than 112,700 metric tons of CO2e by advising clients on renewable energy projects. For more information, visit JLL’s Occupier Services page.

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