TrendSights Analysis 2019: Experience Economy - Meeting demand for immersive experiences beyond material product consumption

TrendSights Analysis 2019: Experience Economy - Meeting demand for immersive experiences beyond material product consumption

Summary

Open-minded, cosmopolitan consumers are opting for more diverse products, such as those originating from other places and cultures, that offer an interesting, stimulating experience rather than passive consumption.

Experience-driven consumers are seeking enjoyment beyond physical products themselves, and are willing to pay more for an enhanced brand experience. It is therefore becoming increasingly important for brands to perform at an experiential level as consumers' consumption moves in that direction and away from the purely material.

Scope

• Consumers are dissatisfied with a standardized, impersonal shopping experience, and seek more immersive consumption moments.
• Millennial consumers place a heavy emphasis on experience and sharing, and are less inclined to spend money on things that possess no real value.
• Economic growth in many countries has made consumers willing to pay more for the experience that comes with a particular product, in an attempt to stand out from the crowd.
• Social media allows consumers to share their experiences, and producers and retailers have tapped into this trend by creating experiences that can be shared online.

Reasons to buy

• Understand the relevant consumer trends and attitudes that drive and support innovation success so you can tap into what is really impacting the industry.
• Gain a broader appreciation of the fast-moving consumer goods industry by gaining insights from both within and outside of your sector.
• Access valuable strategic take-outs to help direct future decision-making and inform new product development.