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%).

JLL Research, 2024

As consumer experience becomes an increasingly important consideration for new developments and asset repositioning, understanding what people are seeking from these experiences will be critical in unlocking greater value in spaces. In addition to fundamentals like safety and affordability, respondents across regions and generations say fostering a strong sense of community and belonging are key drivers in choosing an experience. This comes at a time when isolation and loneliness are reported as the main threats to quality of life in cities, exacerbated in younger generations by a reliance on digital connections rather than face-to-face interaction and in older people due to lack of mobility.

Whether it be through dining out, sporting events, concerts, movie or other social activities, consumers are hungry for more opportunities to connect with others in meaningful ways.

“Forward-looking new development projects should consider how to enable greater social connectivity within individual buildings and throughout multi-building development campus locations,” said Peter Miscovich, JLL Global Future of Work Lead, Work Dynamics. “For example, organizations can develop an integrated employee experience based upon leading consumer experience practices by treating their employees in the same manner as they would treat high-value customers.”