Future Thinking by Sachi Wong

Student ID: N0770522 I confirm that this work has gained ethical approval and that I have faithfully observed the terms of the approval in the conduct of this project. Signed: Word Count: 3730

CONTENT

01 02

INTRODUCTION 01 Introduction 02 Aims 03 Methodology

ABOUT THE TREND 07 The Experience Economy 09 The Origins 13 The Present 21 The Future

03 04 05

TREND INFLUENCES 31 Travel Industry 35 Retail Industry 39 Health & Wellness Industry 41 Consumer Behaviour CONCLUSION 43 Conclusion

REFERENCES 45 Illustrations 57 Bibliography 62 References

Introduction Aims Methodology

INTRODUCTION

INTRODUCTION In a new global economy, experience has become a central issue for businesses and consumers. 76% of all consumer would rather spend their money on experiences than on material objects. (Momentum Worldwide, 2019) This indicates that there is a changing of consumer values and behaviours. 58% of participants want to indulge in an experience to escape from everyday life, whereas 70% want to have fun through experiencing. Travel, become one of the stress releasing and values creating activities for consumers. While fully transparent and engaging retail become a new normal for consumers. To evaluate the reform of business structure, this report analyses the impact of the experience economy and consumers, the theory behind the importance of experience for consumers, as well as the future the trend is leading.

AIMS AIMS To explore and identify the effects and applications experience economy in different industry sectors.

To research and analyse the change in consumerism To determine the future of the trend

METHODOLOGY METHODOLOGY METHODOLOGY

This report involved several types of secondary research, the data and statistics were sourced from books, reports and studies, websites, as well as surveys and researches.

Books In the book - The Experience Economy written by Pine and Gilmore demonstrated a model of progression of economic values, stated that after the service economy, experience economy will be the stage for businesses where consumers started to demand more than products and services from brands and businesses, which is already surrounding us and it is inevitable. From The Dream Society: How the Coming Shift from Information to Imagination Will Transform Your Business, in a social point of view, â&#x20AC;&#x153;people as individuals will thrive on the basis of business stories, not just on data and information.â&#x20AC;? Undeniably, the consumers are pursuing betterment in life, and the rising importance of emotional engagement alters how brands communicate and deliver ideas to consumers. (Shaw and Ivens, 2002)

Reports & Studies An array of reports and studies has been used to support certain points of view in different areas, such as market research, psychology and economics. The data provided is relatively reliable, as they are international organisations and through proper channels to access or gather the data. For example, Euromonitor International market research which accessed through Passport, an international organisation that provides data and insights on industries, economies and consumers. Moreover, KPMG provides local and international industry insights and market trends. It also specifies certain terms, For instance, In this report, it states the definition and further elaboration of the term - hyper-personalisation which allow readers to have a clearer understanding of the content related to the terms.

Websites To access more diverse information, numbers of website had been explored, such as Forbes, an American Business Magazine, focus on news and information about business, investing, technology, entrepreneurship, leadership and affluent lifestyles. (ForbesMedia: Who we are, 2018) However, in observational studies, there is a potential for bias from the authors and non-authorised sources of data.

Surveys Statistics are collected from surveys and different research findings to back up particular interpretations and beliefs. Such as Global Consumer Trend Survey that reveals consumer insights supported the shifting in consumer behaviour and the World Tourism Organization provides statistics regarding the tourism industry, revealing the changing focus of consumers in the travel industry sector. Yet, there are unknown numbers of participant, data might not be fully covered meant that there are limitations showing the comprehensive results.

The Experience Economy The Origins, Present and The Future

ABOUT THE TREND

THE EXPERIENCE ECONOMY With the development and enhancement of the economy, the increase of residents' living quality, as well as the diversification of social values leading to higher requirements of consumers for quality of life. The increasing emphasis on personal feelings has made "experience" more critical and prioritized, its influences on society in different aspects are important to notice. The various aspects have a far-reaching impact, especially on the economic, which has made people more sensitive to the existence of experience. From personal values of experiences to buying experiences, it has become a trend and it is applicable to all kinds of industry.

“An economy in which many goods or services are sold by emphasizing the effect they can have on people’s lives.” Cambridge Dictionary

1997 Strategy & Leadership Jounral pubilcation of "Beyond Goods and Services: Staging experiences and guiding transformations." (Pine & Gilmore)

1998 Harvard Business Review

THE TREND'S ORIGINS

Arcticle of "Welcome to the Experience Economy." (Pine & Gilmore)

1998 Publication of the book

The Experience Economy: Work Is Theatre & Every Business a Stage. (Pine & Gilmore)

1999 New concept of the society Copenhagen Institue for Future Studies published The Dream Society. (Rolf Jensen)

In 1998, the term “Experience Economy” was first used in an article by B. Joseph Pine II and James H. Gilmore. They are the co-founders of Strategic Horizons LLP, a thinking studio that dedicated to helping enterprises to build customers relationship and loyalty by designing new ways to add values to their economic offerings. They explained that the Experience Economy is a beginning stage of the economy and here is where consumers started to demand more than products and services from brands and businesses. (Pine and Gilmore, 1999) Before Pine and Gilmore officially introduced the term, in 1997, there was a first journal publication of “Beyond Goods and services: Staging experiences and guiding transformations.” published by Strategy & Leadership. It is a first concept of the economic progression. Later in 1999, Rolf Jenson of The Copenhagen Institute for Future Studies published The Dream Society. He had taken a more societal point of view, he expressed that after the Information society, the Dream Society will be the next new society in which businesses, communities, and people as individuals will thrive on the basis of their stories, not just on data and information. (Jensen, 1999) Both of them are predicting and describing today’s experience economy, where there is a changing of humanities and values, leading to changing consumer needs and desires.

â&#x20AC;&#x153;The notion of the experience economy is not something we invented; rather, it is something we all discovered.â&#x20AC;? (Pine & Gilmore, 2013)

THE PRESENT The trend had been introduced for 20 years and more, but it is still ongoing and evolving. Experiences have become the predominant economic offering, the picture of the psychological needs of the society, the progressions of technology.

THE PRESENT

Customization Mass customization becomes a predominant economic offering. From the Progression of Economic Value by Pine and Gilmore Customization is a stepping stone in the evolution of economic value. Vice versa, is the commoditization. (Pine & Gilmore, 2011, p.111) Customizations enable companies to differentiate their products in order to satisfy different individual needs. It creates higher values for the products, thus the price increase continuously. On the other hand, commoditization is a phenomenon of mass productions, as well as homogeneity.

Homogeneity is the lack of diversity that affects an area to varying degrees, which only fulfils the basic needs of consumers as it is repeatedly produced and used without any variations. The rise of the experience economy altered how businesses and brands manufacturing and marketing.

THE PRESENT

Sense of Self The experience economy reflects the elements of value of the society. A survey conducted by Euromonitor Internationalâ&#x20AC;&#x2122;s team of economic, consumer, and industry trend experts this year, had identified that 43.4% of global consumers stating that they preferred spending their money on experiences over things. It reveals that instead of materials, consumers put more emphasis on their experiences. Oxford Economics predicts that over 280 million households globally will make at least one international trip per year by 2025, also Visa estimates more than 340 airports will be built over the next 10 years. Meaning that there is an increasing rate of travel. Both data support the fact that the taste of consumers spending shifted into more experience-orientated. But why there is such a change?

It is because over the monetary concerns consumers chose happiness. Researchers in San Francisco State University found that people generally know life experiences will make them happier, but they still choose to spend their money on material items because they think they are of greater value. Then another experiment takes place, published in the Journal of Positive Psychology, surveyed participants before and after they bought something, and the result is that participants said that not only would happiness be greater with a life experience, but that the life experience was also a better value than the material item. It shows that the shifting of consumers taste is due to their desire of values, which is happiness over materialism they received through participatory also immersive experiences. The experience economy has become a way for consumers to find their sense of self.

THE PRESENT

Intelligence Experience

Besides the shifting of business strategies and consumer tastes, the relationship between technology and the experience economy cannot be neglected. Businesses are now building experiences with intelligence. In the Progression of Economic Value, personalization is the critical part of the enhancement of the economy. And technology enables companies to deliver unique and personalized experiences to customers. Based on the Future Strategic Priorities from Euromonitor Internationalâ&#x20AC;&#x2122;s Voice of industry, 59% of business respondents believe that AI will impact their business over the next five years. Artificial intelligence (AI) is broadly used in many businesses. It increases productivity and operational efficiencies, it can also use insight to predict customer preferences and offer them better, personalized experiences.

Example BMW, a famous German car manufacturer created an opt-in system and personal mobility companion called BMW Connected, it gathers data about customers and their cars. With collaborating with other digital companies, the AI can control the car by itself and alert the driver when it needs help.( Ceo Today Magazine, 2018) Technology enhances the customer experience in a massive way and both the technology and the experience economy are complementary to each other.

â&#x20AC;&#x153;Society 5.0 represents the 5th form of society in our human history, chronologically following hunting, farming, industry, and information. The Fourth Industrial Revolution is creating new values and services one after another, bringing a richer life to all.â&#x20AC;? (Keidanren, 2019)

THE FUTURE

Technological Experience Businesses will be utilizing technology to give out the best experience to customers, satisfying their needs. Extended Reality (XR) is a high tech that covers virtual, augmented, and mixed reality to create more immersive digital experiences. ARtillery, an XR consultancy, predicts the category as a whole will grow almost 250% in the next three years.

Example Hyperspace is a tech startup working In Pacific Science Center, utilizing XR to give seamless experience to visitors. It is beyond AR and VR which the spacesuit allows customers to walk around in a massive spaces without connecting by a cord. Instead of seeing the augmented reality, they created a fully virtual view and built a physical environment, so that customers can touch, feel, smell and see, experience the fullest of technology. Technology will be enhancing the customerâ&#x20AC;&#x2122;s experience and allowing customers to be fully engaged with the places. (Buco, 2017)

THE FUTURE

Authenticity Other than facing unreal, artificial technology, On the opposite side, consumers are seeking authentic experiences. Based on a survey from Social Media Today, A mass majority (90%) of Millennials say authenticity is important to them when deciding which brands they support. Although consumers are willing to pay a premium for products, services, or experiences, since the increased self-awareness and environmentally-conscious of consumers, buying decision of them is under in-depth research and careful consideration. They are looking for transparency and authenticity from brands. Instead of posting on social media or sending email to consumers, experiential marketing will be a method for brands to deliver authentic experiences to the audiences.

Example For TD Bank, they created a direct but also inspiring campaign to say thank you to their customers by turning their ATM into Automated Thanking Machines and sending them personalised gifts. Customers were surprised and thanksful for receiving the gift they needed. This direct and heartwarming experience let customers to know that the bank is considerate and able to provide reliable services, leave them a memorable experience.

THE FUTURE

Betterment of consumers feel that they can make a difference to the world through their choices and actions

of global consumers saying that they prioritize brands with strong social and sustainable impact for the environment and the local communities.

Sharing the same beliefs and helping consumers to achieve their values will be the ultimate goal for brands in the experience economy. According to the Global Consumer Trends Survey (2017), there is more than 50% of consumers feel that they can make a difference to the world through their choices and actions. Since the advancement of technology, information became easier to access, consumers were educated on the evolving social, cultural and political landscapes. This inspires consumers to have greater self-awareness and affect their decision making. (Euromonitor International, Megatrends: Changing values as a megatrend driver, 2019)

Betterment 65% of global consumers saying that they prioritize brands with strong social and sustainable impact for the environment and the local communities. Recently in Hong Kong, citizens are having two political sides because of the policies arrangement of the government. Since then, consumers started to ask for brands opinion and force them to take a political stance. Consumers are not just looking for brands to voice an opinion but invest in and support their concern. As a brand, it is no longer about the products, but their values and beliefs behind.

Consumers want betterment in life, and they are clear about their roles and responsibilities as a global citizen. Thus, a good experience for consumers that have positive impact for both consumers and the world is crucial for brand consistency in the future economy.

How the trend affects indutry sectors The changing of consumer bebaviour

TREND INFLUENCES

How the trend affects indutry sectors

TRAVEL INDUSTRY Global Global Travel Travel performance performance The travel industry is highly involved in the experience economy, and this experiential sector is exploding. The worldwide international tourist arrivals were estimated to have 6% increased to 1.4 billion in 2018. (UNWTO) and flight routes are expanding in order to give new generations more places to travel to. It is clear that there is a continuous growth in tourism and the experience economy has a huge credit to it.

Seamless Travel Exp

Consumers expected to have a smoot experience from booking to the boar of respondents prefer apps to search accommodation (53%). (Travelport D and looking for places to live is an an preparation. But now, Mobile apps si and payment transaction, provide mu that consists of flights and accommod booking, and emergency help such a customers places to go.

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perience

How How companies companies are are responding? responding?

th and convenient rding process. Over half h flight (58%) and to find Digital, 2018) Booking flights nnoying part of travel implify the booking journey ulti-purpose travel platform dations searching, preas natural hazards, guiding

High Usability and time-saving often create a good customer experience. So companies are adopting different strategies to fulfil customer needs. Emirates Home Check-in Emirates introduced a new service enables Emirates customers to proceed with the security check and check-in from anywhere comfortable for customers in Dubai, also provides luggage transport service in order to simplify the procedures before the flight. Emirates will send an agent to the preferred location to do the luggage weighing and check-in and issue the boarding pass. (Emirates, 2018)

Emirates App This is a multipurpose app that includes flights searching and booking, mobile boarding pass, real-time flight updates, manage seat and meal preferences, inflight entertainment and it is able to connect with Apple watch to remind customers the onboard time and inform them the place to get the luggage.

How the trend affects indutry sectors

TRAVEL INDUSTRY

Emphasis on local experience, skills and personal development The experience economy brings up consumers self-awareness. They use achievements and development to identify themselves. With 67% of travellers chose to book outdoor activities in 2018, like glacier-hiking, bungee jumping, scuba diving and mountain biking. As well as classes in skills such as cooking and painting jumped by 61% in the same year. (Telegraph, 2018) Peak-experiences are valuable to them as it provides the value of self-affirmation to them when they had accomplished something. Besides being active and learning new things, consumers also want a local experience in the place they travel. With 59% more travellers decided they would rather engage in cultural exclusion or a historically-themed tour than relax on the beach. (Telegraph, 2018) Travel now has a diverse meaning, other than relaxation, it represents resurgence, adventure, achievement, learning new skills and finding who you are.

How How companies companies are are responding? responding?

Holistic Travel Experience Airbnb provides a platform for travellers to experience the local activities, customers can join activities hosted by locals, such as cooking class, advntures, tea with animals or boxing.

Smart Hotel Leopold Hotel Antwerp in Belgium, adopt energy-saving lamps, using ecological cleaning products and their office uses eco-labelled printing paper, the hotel also works with Nanogrid, a management system to monitor their energy consumption.

How the trend affects indutry sectors

RETAIL INDUSTRY “2019 is poised to be a transformational year for retail.” (KPMG, 2019) All the retailers have the same goal that is to deliver better customer experiences or services in order to retain customers. The experiential economy continues t o c h a n ge t h e i d e a s o f c u s t o m e r engagement and service.

Hyper-personalization refers to the adoption of behavioural and real-time data to conceive profoundly contextual products, ser vices and communications admissible to a specific individual in a particular situation. (KPMG, 2019) Conductive to offer favourable experiences to customers, retails are seeking for better understanding of their consumers, making personalization more personalised. “When asked to prioritize one capability that will be most important to marketing in the future, one-third of marketers answered: personalization.” (Vrountas, 2019)

HyperPersonalization 35

How companies are responding?

79% of organizations exceeded revenue goals have a documented personalization strategy. (Instapage, 2019) Retailers realised that they are no longer to maintain customer loyalty by simply offering quality Companies are diversifying their strategies to offer products, what gets into customers customers a more personalized experience, service and hearts, is providing differentiated product. experiences relevant to the needs of individual customers. Function of Beauty Function of Beauty, an American haircare brand. They aim to “create hair products that are built exclusively to meet the individual hair care needs of their customers.” (Function of Beauty, 2019) A short and precise quiz will be acquired to understand users’ hair types and goals, after that, an algorithm will evaluate and hand over hundreds of ingredients to form an utter unique shampoo and conditioner that cater customers’ hair needs. Moreover, customers can choose the colour combination, the scent of their products, and even customise their names on it. “A retailer can strive to create value by building personal, intuitive relationships with the customer, in order to let the customer feel allied with the brand or retail store.” (Pine & Gilmore, 1998) Many haircare brands offer products for several hair types, however, in the experience economy, it is not enough to respond to the demand of consumers. Exclusive offerings are giving consumers a superior fulfilment that building personal and intimate relationships with the brands that basic customized products cannot provide.

How the trend affects indutry sectors - Retail Industry

Retail Re-invented Experiential The retail sector is increasingly focusing on experiences, because of the proven importance of creating emotionally engaging experiences for in-store consumers(Shaw & Ivens, 2002) Based on Marketing Expertus, 70% of customers say they would shop elsewhere if a store did not have an exciting or engaging experience. Since the rise of importance of experience, retails started to reinvent the store design and putting emphasis on involvement and affections of retail.

How companies are responding? Reebok Brand Space Reebok has opened a 1,700 sq m brand space in Paris that combines a gym room La.Salle.De.Sport, shop, event hub and culture area. The brand space is tailored to the locale, associating sports performance with Parisian art and culture. Also holding events for product launches and trials as well as art installations, while the Social Club area provides a comfortable area for visitors to relax and socialise. (Stylus, 2017) Reebok improved and enhanced their usage of physical stores, expanding with an experiential approach and attract consumers to immerse themselves, building relationships through retail experiences. 37

Digitized Aside from the strategic way of offering experience, retails are digitized, utilizing robots, AI and AR to enhance the customer experience. Retail and technology are converging now more than ever and brands are identifying partnerships that will make the shopping experience flow easier for customers. (Foder, 2019)

Ikea Sleeping over in the Ikea has been a childhood fantasy for most of the customers, and Ikea has done a campaign to make the dream come true. In this year, Ikea held a competition for a â&#x20AC;&#x153;once-in-a-lifetime overnight experienceâ&#x20AC;? for winners to get a perfect nightâ&#x20AC;&#x2122;s sleep. The company will offer customers a range of pre-sleep activities, such as a massage, served breakfast in bed. Also, customers can enjoy the tailored bedroom where all the linen, pillows and all the other elements in the room are chosen by themselves. Ikea notices what consumers interested in and offers them an extraordinary experience within their interested area, which is a success to connect with customers, giving them a memorable customer experience and building loyalty.

How companies are responding? Conversational Commercial Conversational commerce associates with messaging with consumers and allowing them to make purchases over platforms. (Henry Shi, Forbes Technology Council, 2019)

Kik Kik is a chat app that contains various platforms of entertainment, lifestyle, fashion and beauty, and social. It allows customers to make purchases by chatting with a bot. For categories of fashion and beauty, several makeup tips, video clips and picture tutorials will be offered, and customers can buy particular products being used in the tutorials. Other than that, the chatbot app can be a shopping assistant while customers shopping instore, they share products reviews and ratings instantly. The experience economy forced retails to be more innovative and creative to give customers the utmost experiences in order to retain its competitiveness. 38

Wellness tou

How the trend affects indutry sectors

Health Health & & Wellness Wellness

Ever since the growing d experience but also more e living (Raikkonen, 2017), b expanding, wellness tourism

Wellness tourism refers to or enhancing one’s person Consumers are seeing va a more engaging way. (G Wellness travel is multidim for travellers. For instance wellness, they can have a s their mind and body. And c stress reduction activities to innovative approach to for

Escalating emphasis on health and wellness Since the rise of the experience economy, customers realized that material objects are not what they need, instead, pursuing goals, developing personal skills and maintaining mental and physical health are what they care for. Since then, there is an increasing demand for health and wellness. In 2017, the global wellness economy was worth 2.9 trillion(Global wellness market, 2017), after 2 years, in 2019, it is estimated to reach 4.75 trillion. (Wellness Creative Co., 2019) Happiness, good mental and physical health are luxurious for today’s consumers. “Consumers are showing an increasing preference for participating in activities and indulging in experiences that promote their well-being.” (Weinswig, 2017) Inner values have become increasingly important to consumers and this promotes the attention of wellness and effects of experience to different industries, leading them to involve in consumers wellbeing. 39

urism

demand for consumers for not only emotional everlasting transformations and changing style of both tourism and health and wellness industries are m is a creation of experience economy.

â&#x20AC;&#x153;travel associated with the pursuit of maintaining nal wellbeing.â&#x20AC;? (Global Wellness Institute, 2019) acations as a moment to experience wellness in Global Wellness Tourism Economy Report, 2018) mensional, as it has a diverse range of activities e, if customers are seeking physical and mental spa, massage, medication, activities that refreshing consumers can go for a life coaching, retreats and o develop personal growth. Wellness tourism is an r mind and body healing through experiences.

Brands are adopting wellness for engagement The industry interlinked with several businesses, such as fashion, travel, and business firms. And the industry is growing as there is rising awareness of it. To maximize business profits, brands are stretching their brand offers, in which promoting wellness to engage with customers. There are different kinds of experience, and it can be created in a various way. Some brands would create an atmosphere instore and some by holding events. Their aims is to show their care to consumers and help consumers to achieve their values.

How companies are responding?

Technogym cruise Technogym collaborated with Silversea, through various wellness programmes on the cruise, such as fitness education, spa treatment, and nutritionl guidance, customers can improve their wellness during their travels.

Based on the influences of experience economy towards industry sectors, it is no doubt that consumers play a part in the industry and affect the decision-making of all businesses. Seeing that consumers revaluate their priorities and preferences and questioning for genuine value, numbers of major trends had appeared: Well-being, experience over possessions and authenticity etc.(Euromonitor International, 2016) Consumers are being affected by the experience economy but at the same time they are shaping the trend.

High Expectation

Emphasis on value

Consumers have high expectations to retails. They are more impatient than before, and crave for efficiency, convenience and innovations that surprise them.

Doing good for the world and local is important for them, they are conscious about everything behind the products, and support what is good for the environment.

Balanced minset

Experience is key

Experience is over material item, consumers believe that experience is more memorable and make them happier. From personal development to buying in retail, they prefer to do it in a fun way.

Mental health and wellness are what consumers concern, they are willing to pay a premium to pursue betterment.

Conclusion

CONCLUSION

Experience Economy is slowly shaping a new form of society and different industry sectors. Most importantly, it alters how businesses connect and engage with consumers. Since the term, â&#x20AC;&#x153;Experience Economyâ&#x20AC;? first used by Pine and Gilmore, it has become a basic approac h for businesses to communicate with consumers. This report investigated the effect of the trend and how it applies to travel, retail and health and wellness industries.

The experience economy has led industries to be more customer focused, and made them invest on the customer sectors, from offering convenience by upgraded mobile flight booking, home check-in to immersive in-store experience and helping customers to improve inner wellness. It is all happening in every industry and will be continue changing.

Besides influencing industries, consumers are one of the biggest influences of the trend. They became more conscious, impatient, and have higher expectations for brands, convenience surprise and fun are desirable to them. It brings challenges to businesses in the future.

Considering the future of the experience economy, it will be technological driven, also authenticity and betterment will be what consumers looking for. Because technology can bring innovations and bring more convenience to the industries, such as the multi-purpose mobile app of Emirates that offers flight updates, boarding pass, online check-in, pre-booking, all information with just a click to know. The society will be continually benefiting from technology. Authenticity and betterment are fundamental for every industry that cares for their customers. Customers will want to have direct connections with brands and understand thoroughly of the brands they love through experiencing, It is vital for brands that allow customers to involve in and share the same values.

Illustrations Bibioligraphy References

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