Experience Economy – Consumer TrendSights Analysis, 2023

Experience Economy – Consumer TrendSights Report Overview

Consumers branch out of their routine products and look for products based on the added experience they provide. As shopping for fast-moving consumer goods is becoming an increasingly standardized experience, a rising number of consumers are looking for something more than just the physical product itself.

The “Experience Economy” consumer trendsights research report focuses on how consumers are becoming less materialistic and starting to look for more immersive experiences. The trend is part of the Sensory & Indulgence mega-trend and explores the growing demand for unusual, sensory-oriented shopping and consumption experiences. The analysis covers what the trend is, why it is important, who is most influenced by it, and how brands and manufacturers can capitalize. The research concludes by identifying where the trend is heading next and how long it will last.

TrendSights: Experience Economy

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Experience Economy Trendsights - Importance

The trend of the experience economy is closely related to a rising demand for additional sensory and experiential aspects of consumption. As the shopping experience is usually quite predictable and one-dimensional, consumers are willing to pay more for added experience. With individuals becoming more “experience-driven”, brands also need to operate on the experiential level. The main drivers of the experience economy are younger consumers who look for opportunities to branch out of their routine and interact with brands on a more personal level.

Key Trend Drivers in the Experience Economy

The key trend drivers for the experience economy are standardized shopping experience, changes in consumers’ attitudes, premiumization, age of connectivity, and technological advancements.

Premiumization: Consumers are willing to pay more for products that satisfy them on a more experiential level. Individuals who seek variety are less price-sensitive and brand-loyal as they prioritize novelty and branching out of their routine.

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Experience Economy – Innovations by Brands

Companies are embracing the trend of experience economy by providing additional sensory aspects such as new colors, textures, and scents into products. The immersive level of consumption is also popularized by the concept of “experience rooms” which are usually created for marketing campaigns or product launches. These initiatives often provide the opportunity to combine different activities and cross the boundaries between sectors.

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Experience Economy – Future Outlook

The future growth of the experience economy trend will be highly dependent on the youngest consumer groups, as this audience is prioritizing the experiential side over the materialistic aspect of the products they purchase. Additionally, digitalization and the usage of social media will cater to the shift in demand for more immersive experiences. Consumers can use online platforms to learn about new options in the market, while brands can see what current consumer needs are.

Scope

• The future growth of the trend of experience economy will be highly dependent on the youngest consumer groups, as this audience is prioritizing experiential side over the materialistic aspect of the products they purchase.

• Digitalization and the usage of social media will also cater the shift in demand for more immersive experiences. Consumers can use these platforms to learn about new options in the market, while brands can see what are the current consumers’ needs.

• Companies are embracing the trend of experience economy through providing additional sensory aspects by adding new colors, textures and scents into products.

Key Highlights

• The future growth of the trend of the experience economy will be highly dependent on the youngest consumer groups, as this audience is prioritizing the experiential side over the materialistic aspect of the products they purchase.
• Digitalization and the usage of social media will also cater to the shift in demand for more immersive experiences. Consumers can use these platforms to learn about new options in the market, while brands can see what the current consumers need.
• Companies are embracing the trend of experience economy by providing additional sensory aspects like adding new colors, textures, and scents into products.

Reasons to Buy

• Identify future demands for more experience-driven shopping and consumption, especially among younger consumers.
• Understand how consumers’ needs change depending on the generation – Gen Z and Y are argued to be less materialistic, thus their market expectations might be different from ‘traditional buyers’.
• Understand how the immersive aspects of shopping and consumption can be introduced into different categories.