Consumer Trends – Experience Economy

Within the experience economy, consumers see services and products as increasingly commoditised and they want more value. They crave experiences that say something unique about them, that they can share with their friends and followers to create stronger and even more intense experiences.

WHAT’S HAPPENING?

Antiquated rules of engagement no longer apply. Brands need to be agile, flexible and able to master emotional engagement, by giving the stories, moments and experiences consumers crave to feel connected and emotionally engaged.

WHO IS DOING EXPERIENCE ECONOMY WELL?

Virgin Holidays will open a ‘Departure Beach’ in 2018. Tourists are picked up from hotel, baggage checked for them and then head to beach where they are given a boarding pass and locker. They can enjoy the beach, towels, showers, refreshments, and an air-conditioned lounge.

Dollar Shave Club subscription service posting blades for as little as $3 a month with an irreverent magazine. Customers felt part of something ‘anti-corporate’, and it grew to more than three million subscribers – in 2016 Unilever, bought it for US$1bn.

Interested in learning about the other consumer trends? See below:

Choice simplified
Mass Personalisation
Everyday AR
Rise of Cryptocurrency
Golden Age of Audio
Lots of Bots
Waste Not Want Not
Cannabis Maximus
Board Game Revival