The article discusses Mastercard's strategic shift towards promoting experiences as key consumer status symbols, a trend that has been on the rise since Instagram's launch in 2010. According to a Dynata survey, 70% of European consumers prioritize spending on experiences like dining out and travel, even amid economic uncertainty. Mastercard has adapted by significantly investing in experiential marketing and utilizing influencers to enhance its brand visibility. CMO Raja Rajamannar highlights the company's move towards creator marketing, emphasizing the importance of experiences over traditional consumer goods in today’s market.
People have started valuing experiences a lot more than buying things. There's been a profound shift across the entire globe, where people started clearly communicating and feeling that experiences matter more than things.
A recent survey by research firm Dynata of 15,000 European consumers...70% said they wouldn't hold back from spending on experiences like eating out or tourism.
...we pivoted our strategy...and moved a significant portion of our marketing budgets towards experiential marketing, as opposed to pure media investments.
We have brought in influencers in a big way to all our activations. We make the influencer...
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