Many hostels are keen to premiumise their offerings to distance themselves from damning stereotypes – no towels, filthy rooms and wealthy, wasted 20-somethings. But the Hans Brinker Budget Hotel wears its inadequacy as a badge of honour, winning the hearts of Gen Y globetrotters.

As experiences – 'memorable events that engage people in inherently personal ways' – become the predominant economic offering, what are the implications for businesses and organisations?

What’s so good about going on holiday, anyway? Although it’s fun at the time, every good experience inevitably ends, and so too will those elevated levels of fleeting happiness. But this doesn't need to be the case – social psychologists are suggesting better ways to consider experiences.

The stereotypical image of a holiday masks a much larger variety of desires and options, connected to states of mind, emotions, personal interests and idea of leisure and enjoyment. How much do we still identify with white sands and blue sea?