Livingstone's leaders get a lesson in FOMO
THERE'S a fair chance that "FOMO” was a foreign term to some Livingstone Shire councillors before yesterday.
But a deputation from tourism and events expert Krista Hauritz is sure to have changed that.
Yesterday Ms Hauritz, who has been commissioned to produce an event strategy for the Capricorn Coast region, stressed there had never been a more important time for local councils and tourism operators to be competitive in the events market.
"It's so competitive in the events space now and it started with Generation Y (people born in the 1980s and early 90s) buying less things like cars and spending more of their money on experiences,” she said.
"This generation is spending way more on experiences than any of us in Generation X (those born from the mid-1960s to early 80s) or baby boomers.
"Rather than buying a car when they've saved up, this generation is saving up to go travelling and they're saving up to go to events.”
Ms Hauritz, who operates Krista Hauritz Tourism Marketing Consulting, said this cultural shift had sparked a surge in new events and the local councils and tourism operators who got caught standing still faced getting left behind.
"What we've seen is this huge growth of events and the millennials (aka Gen Y) have followed them.
"They're spending way more on experiences, and the millennials particularly, want to share those experiences that no-one else is doing, on social media.
"And it's these events that create FOMO with their friends - fear of missing out.”
Ms Hauritz said FOMO was a trend that was not going away.
"I don't think there's one council across regional Australia that we've worked with in the last decade that hasn't got events on the tip of their tongue.
"And events are important for communities because they not only create economic benefits but also massive social benefits because they bring people together.”
The Capricorn Coast Region Event Strategy is at draft stage and is still being fine-tuned, but yesterday's deputation gave the shire's leaders some valuable food for thought.