When it comes to tourism, millennials will be the most powerful consumer cohort in history, entrepreneur Peter Tullin says.
The keynote speaker at the 2025 AEDA Business Summit on 20 May at Adelaide Oval, emphasises that experience providers must evolve with these emerging trends to tap into the purchasing power of today's consumers.
His keynote, titled "The Future of the Experience Economy: What’s Hot, What’s Next", will explore the shifting landscape and the opportunities it presents.
In his recent report, The Immersive Revolution, Peter Tullin outlines the way consumers are increasingly prioritising unique and shareable experiences over traditional forms of entertainment.
“Consumers are increasingly seeking out unique and shareable experiences.” he says.
“In fact, a survey by Euromonitor revealed how they are prioritising experiences.
“For example, three in four millennials (want to) spend money on a desirable experience.”
He says it is further backed up by a Mastercard Travel Industry Trends Report stating spending on experience increased by 65 per cent from 2019 to 2023 in the US.
"These consumer shifts are important with Macquarie stating that Millennials (25-36) will be “the most powerful consumer cohort in history” and to unlock their purchasing power tourism and experience providers need to adapt to these trends.”
Picture: Remix Summits Co-Founder Peter Tullin
He says growth drivers include the adoption of immersive technology in a wide range of entertainment industries, including gaming, movies, music, sports and live events.
However, sustainability and wellbeing are also helping shape the future, with eco-conscious and purpose driven experiences gaining traction.
Travel, events, and leisure activities are also integrating regenerative tourism, mindfulness and social impact elements.
Regenerative tourism goes beyond sustainability by actively restoring ecosystems, supporting local communities, and creating long-term positive impact for both the environment and the people who call it home.
It’s not just about visiting a destination; it is about giving back to the place and people, ensuring it thrives for years to come.
“Additionally, the blending of physical and digital experiences—phygital innovation—is revolutionising retail and cultural spaces, merging real-world and online interactions for seamless engagement,” Mr Tullin says.
“As experiences become the new currency of value, organisations must continually adapt, leveraging innovation and emotional connection to remain relevant in an increasingly experience-driven world.”
REMIX Summits explores the future of creative industries, cities and economy, with events held at the likes of London, New York, Sydney, Istanbul and Dubai.
Mr Tullin moved to Australia with his family 10 years ago and says he has enjoyed “every minute” of his experience down under.
He has visited Adelaide a number of times and says he “loves” the beautiful architecture and abundance of green space in such a big city.
AEDA is working with Mr Tullin to ensure the CBD’s tourism sector is on the front foot, which includes being able to identify opportunities for Adelaide to drive visitation.
“Also, the cricket fan in me can’t help but be excited by the fact the Summit is taking place (at) the iconic Adelaide Oval (although it has never been much of a happy hunting ground for England),” he says.
“In terms of the Summit itself, I think that by building on some of its core strengths but by also tapping into some of the trends I will be sharing that Adelaide is well placed to develop new tourism offerings that cater(s) to a changing landscape.
“I hope my talk will inspire some exciting conversations about the future of the city.”
The 2025 AEDA Business Summit is fast approaching, with valuable insights and game-changing strategies to elevate your career to new heights and propel your business forward.
Tickets to the AEDA Business Summit can be purchased here.