Future Thinking Report by Harriet Exton

THE IMPACT OF CONSUMERS CHANGING DEMANDS ON...

THE EXPERIENCE ECONOMY

CONTENTS

1 3 5

4 - Aims and Objectives 7 - Introduction 8 - Methodology

18 - Trend Drivers

54 - Impact on Fashion

2 4 6

12 - What is The Experience Economy?

30 - Industry Impacts

58 - Consumer Behaviour

64 - Recommendations

68 - Conclusion

Ethics clause

I can 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 ..........H.EXTON............................. Date ..............7/11/19.............................

Harriet exton

n0733000

Word count: 3,272

AIMS AND OBJECTIVES This report is going to explore and analyse how the experience economy is impacting consumerâ&#x20AC;&#x2122;s behaviour and how it is meeting their maturing needs. It is going to provide an insight into the evolution of the trend from Pine and Gilmoreâ&#x20AC;&#x2122;s, The Experience Economy (1998) into how we are living amongst these experiences and how they are going to evolve further into our lives. These findings are supported by a wide range of academic resources which provide a balanced analysis of the experience economy and give detailed opinions of the concept.

In addition to this, it will explore the influence it is having on various industries such as travel, beauty and retail; and how companies within these sectors are responding to the heightened awareness. It is going to investigate how consumer behaviour has been affected and which consumer groups are acknowledging the trend. Pine and Gilmore define that â&#x20AC;&#x153;an experience occurs when a company intentionally uses services as the stage, and goods as props, to engage individual customers in a way that creates a memorable event.â&#x20AC;? (Pine and Gilmore, 1998). This demonstrates that an experience isnâ&#x20AC;&#x2122;t the same for everyone and is defined by how the individual perceives the level of interaction.

introduction A recent study found that

72% of millennials would

rather open their wallets based on experiences rather than material items

(Gherini, 2018). Signifying and supporting that millennials no longer measure their social status on materialistic products. This report destins to critically analyse how the experience economy is altering consumerâ&#x20AC;&#x2122;s behaviour and how their needs are at the forefront of industries.

METHODOLOGY An extensive amount of research has been conducted into a multitude of secondary resources which have helped to both develop a greater understanding of the macro trend; as well as prompt questions to be considered. Secondary research provides the researcher with an extensive scope of materials which are readily available, without the hindrance of time constraints. The accumulation of qualitative and quantitative data is crucial to providing unbiased and reliable information. Qualitative data is frequently more efficient in providing comprehensive material; however there is still restraints as there is researcher bias and leading questions. Those sources which provide quantitative data have been conducted from large corporations which deliver a significant amount of responses, however the validity can be questioned as respondents sometimes do not have in-depth knowledge surrounding the topic which can hinder the quality of the results. 8

Many resources have an essence of bias, therefore it is a requirement that information is collected from a broad scope of sources, to critically review their reliability. Information was gathered from academic sources such as journals, books and market research reports which provided varying opinions, whilst questioning their validity and reliability. In addition to this, sources such as blogs, websites and articles have also been reviewed to develop a greater understanding.

These sources are predominantly opinion based which is majoritively biased; although it can help to insinuate debates surrounding the subject. 9

TREND EVOLUTION TREND EVOLUTION TREND EVOLUTION TREND EVOLUTION TREND EVOLUTION TREND EVOLUTION TREND EVOLUTION

WHAT IS THE EXPERIENCE ECONOMY? â&#x20AC;&#x153;Today we can identify and describe this fourth economic offering as consumers are unquestionably desiring experiences, and more and more businesses are responding by explicitly designing and promoting themâ&#x20AC;? (Pine and Gilmore, 1998).

Marketing techniques and strategies have rapidly changed over time, varying in objectives; in recent times it has focused on the market and customers needs (Pencarelli and Forlani, 2018). Experiences are imminently becoming a means of currency, as those brands which cooperate with this evolving economy are likely to be more successful as 73% of consumers are more likely to purchase a product if they have participated in an experience (Zelaya, 2019). Experiences have different meanings for everyone, however Pine and Gilmore created The Four Realms of an Experience which is where each experience falls into different categories. These are amongst educational, escapist, esthetic and entertainment which each have varying levels of participation and differ to the extent that they are absorbed. It is rare that all of the realms are met; however, it is where a business provides an experience which encompasses all degrees of experience at the right level of engagement. 14

The high street has been declining, with the amount of empty shops within the UK declining by 10.3%, its highest level since January 2015 (Simpson, 2019). A solution to this, will mean businesses will need to begin a transition from a service economy, where the primary focus was convenience to an experience economy, which will allow these companies to prosper as they begin to nurture our natural human experiences into their brand (Yaffe, Moose and Marquardt, 2019). 15

10.3%

Consumers are able to embrace a new means of how brands are offering their services, which was evidenced as the need to exceed expectations (Pine and Gilmore, 1998). Pine, discovered that mass customising a good to make it individually customised turned the good into a service which emerged into an experience. Consumers value a service more than the product they are purchasing; but this does question if many companies realise the potential these experiences will have for their future.

TREND DRIVERS TREND DRIVERS TREND DRIVERS TREND DRIVERS TREND DRIVERS

To gain a comprehensive understanding of the trend, it is important to delve into the fundamental drivers which have been behind this trend, allowing researchers to investigate how it can evolve into the future.

emotional emphasis A key driver for the experience economy is the increase in how people are aware with products, services and brands and how they make them feel on an emotional level.

â&#x20AC;&#x153;Emotion is the new currency of experienceâ&#x20AC;? (Adobe, 2019)

Brands are understanding that by establishing that initial connection with their consumers at an early stage, they can then evolve their experiences to become more tailored to them. Emotions are not one dimensional, there is more beyond a feeling of happy or sad and this is what brands need to create a touchpoint with. This can be done by incorporating emotional analytics; these track consumers emotions and the customer journey. Maslowâ&#x20AC;&#x2122;s Hierarchy of Needs, postulates that the highest level of human needs are surrounding creativity, recognition and belonging. Therefore, signifying that if a brand demonstrates these needs through the medium of their branding and advertising, they are more than likely to influence consumers purchasing decisions and develop an element of loyalty and consumers will be more than likely to be dependent on that brand to provide them with these emotional affiliations. This is supported by a study which identified that 83% of consumers pay attention to how brands treat them (Moxiefy, 2019). Although Maslowâ&#x20AC;&#x2122;s Hierarchy has been used since it was proposed in 1943, scientists have discovered new degrees of emotions which have evolved due to technology and digital connectivity (Maciejowska, 2016). Thus, creating a hindrance for brands as they need to have a depth understanding of these evolving emotions and how consumers needs are developing in new and stimulating means.

community commerce community commerce community commerce community commerce community commerce community commerce community commerce community commerce

Consumers are becoming fatigued with the 21st century retail concepts and how it has become saturated with convenience, they are now searching for alternative means to access products and services. Despite this, there remains to be a strong insistence for hyper-convenience (Hawkins, A and Stott, R., 2019), this does pose a potential complication as although this will help to drive the experience economy, brands will need to maintain a compromise between convenience and providing an experience. Psychology has a huge impact on consumers purchasing decisions; with one part of the brain being very irrational and the other being rational and conscientious. This is where the gap arises, a psychologist stated that â&#x20AC;&#x153;e-commerce is only tapping into the logical part of our brains. I believe we are missing out on the other social and emotional factors.â&#x20AC;? (Hawkins, A and Stott, R., 2019). This particular trend driver is directly focused on a younger demographic, notably generation Z and millennials. They are yearning for brands to shift their engagement onto less traditional methods of consumption, and make an engaging connection their primary focus. Therefore this will allow brands to develop their relationships with consumers as their services will become more engaging and interactive, thus creating new alternative means of purchasing by generating a platform which will be community based. 25

unfocused audience According to a recent study, the average human attention span has fallen from 12 seconds to 8 seconds due to our overuse of technology and being excessively absorbed in technology (Digital Information World, 2018)

With this in mind, it therefore makes it progressively troublesome for brands to make a substantial impact on consumers life, this is where change has to be implicated to the offerings in order to be successful. This trend driver is having a significant impact on the experience economy as businesses are having to create smarter strategies for the future to make their products and services stand out from their competitors; which leaves a perfect gap for experiences to fit into our market and be the touchpoint. Unfocused audiences is largely evident throughout the digital world, especially with the over saturation of images on social media, which can become an interference for those experiences which use social platforms as a means of promotion.

INDUSTRY

IMPACTS

Industries are being compelled to adopt this experience paradigm due to concerns of becoming extraneous. The experience economy is being replicated in a collection of industries. It is crucial in building brand affinity and exceeding customer expectations (Moxiefy, 2019). By revolutionising industries through the experience economy, it could provide them with a competitive advantage within this paradigm. Companies are disproportionately rewarded when they deliver great experiences and punished when they donâ&#x20AC;&#x2122;t (Smith, 2019).

TRAVEL TRAVEL

The younger generations are allocating a higher percent of their spare time and income on travel, with 65% of them saving their money for the purpose of travelling (Morgan, 2019). Experiences have assuredly become the focal point for the coordination of trips; this is supported by an increase in Trip Advisors inventory of tours and activities, from 50,000 in 2016 to over 140,000 in January 2019. As well as Airbnb offering around 15,000 activities; approaching specialised and unusual activities with a â&#x20AC;&#x2DC;hyper-localâ&#x20AC;&#x2122; theme (Mintel, 2019). This evidence thoroughly indicates the importance of experiences to travellers. The travel industry will recognise that the experience economy is about the integral experience. The more they can facilitate that holistic experience, the more their entire tourism ecosystem will benefit. Many travel based brands have discovered that travellers are moving on from run-of-the-mill attractions and the overpopulated tourist attractions, alternatively they are seeking out ways to experience unique local experiences to get under the skin of their destination (The World Shopping Hub, 2019). 34

KLM, the national airline for the Netherlands announced a new initiative called “Layover with A Local”, this linked passengers who have a layover of longer than 6 hours with a local, and gave them a free ride into Amsterdam, this free trip into the city allows travelers to see a side of Amsterdam they wouldn’t have necessarily seen if they went alone (Schlappig, 2016). Their recommendations range from local eateries, hot spots and cultural activities. In addition to this, there is an app which specialises in this type of experience called withlocals. Their aim is to “break down the barriers between travellers and locals worldwide” (WithLocals, 2019), this is to ensure tourists are experiencing the unknown whilst abroad and discovering the sans pareil spots according to locals. Mintel identified that “51% of people who have taken a holiday said they are interested in booking exclusive tours of cultural attractions when going abroad”, therefore supporting the findings that experiences are travellers priorities when visiting new destinations. 37

beauty beautyb

beauty beauty

“Technology is not only shaping a new beauty ideal - it’s being harnessed to shape entirely new beauty products” (Houghton, Hawkins and Friend, 2019).

Beauty brands are capturing cues from technology to ensure their products attract attention. Technology modification offers original packaging, allowing brands to illustrate to millennials and generation Z that they recognise their clients connectability and that â&#x20AC;&#x153;a packaging gesture can contribute to a productâ&#x20AC;&#x2122;s covetabilityâ&#x20AC;? (J. Walter Thompson Intelligence, 2019).

As consumers are living within the technology boom; they spend the plurality of their days with phones held in their hands - scrolling, swiping, tapping, The Guardian stated people spend on average

3 hours and 15 minutes on their phone each day (Matei, 2019). This has been mimicked into packaging which speaks consumers language. Emerging beauty brands have already begun to produce these products which incorporate second nature gestures. Glossier launched You Solid Perfume in 2018, which integrated the swiping indication into the packaging, Glossier stated that it was designed to “fit the curve of your palm and thumb” and open and close “with an addictively flippable hinged swivel.” This swiping motion echoes the way in which consumers are used to flipping through their smartphone content. (J.Walter Thompson Intelligence, 2018). 43

retail r retail r

retail retail

Immersive stores create an emotional bond between brand and consumer which also promotes brand loyalty. Bricks and mortar has had its concerns, in particular with many stores disappearing from our high streets due to the continued progression of e-commerce as well as s-commerce. Despite this,

â&#x20AC;&#x153;four in five (81%) of UK consumers see the physical store as vital to the shopping experienceâ&#x20AC;? (Engage Customer, 2018), supporting the need to create a memorable experience for consumers.

This comes with a few obstacles as brands have to understand what their consumers constitute as an aspirational experience, generations have radically different expectations. What is separating those brands that are managing to stay relevant in the digital age, is the willingness to enrich the physical experience of their brand, through what might broadly be described as â&#x20AC;&#x2DC;experiential retailâ&#x20AC;&#x2122; approaches (Pankova, 2019). These retail experiences are designed for digital sharingâ&#x20AC;&#x201D; with curated, Instagrammable moments at their core. It is about a personalised shopping experience by providing an unparalleled retail experience for your customers (Storefront, 2017).

Canada Goose created an immersive store experience in New Jersey, debuting a Cold Room concept, where shoppers step into a refrigerator-like room to test how the jackets can keep them warm in temperatures as low as -25 Celsius. This allows customers to become immersed into the brand and build a rapport and creating an experience which will be spoken about amongst consumers (J.Walter Thompson Intelligence, 2018). Hunter Boots wanted to establish its brand in the United States, the brand set up a greenhouse in New Yorkâ&#x20AC;&#x2122;s Grand Central to bring â&#x20AC;&#x153;the Scottish Highlands to the heart of Manhattan.â&#x20AC;? Hunter said the experience resulted in an 85% sales lift in its core product offering (J.Walter Thompson Intelligence, 2018). These experiences translated the importance of experiences and how they can impact sales in a huge means as consumers enjoy playing a part in the brands life. 53

fashion impacts fashion impacts f fashion impacts fashion impacts fashion impacts fashion impacts

fashion impacts fashion impacts fashion impacts fashion impacts fashion impacts fashion impacts

The principal type of experience we recognise the most is within stores and by brands creating a service which we can relate to; however this isn’t limited only by this. In order to reap the same rewards out of experiences, fashion brands need to ensure that the all the consumers senses are connected – memories of what we feel, hear, see, smell, and touch. Brands are launching sensory experiences for their consumers, to allow them to feel connected, with “78% of shoppers globally say an enjoyable in-store atmosphere is a key factor in their decision to choose in-store over e-commerce”, their definition of an enjoyable store experience is the balance of audio, visuals and essence (London Loves Business, 2019). This research helps to understand how brands need to give consumers a reason to get out of the house with the ease of convenience at their fingertips and into the store, therefore meaning they need to provide them with a sensorial experience. 56

consumer behaviour consumer behaviour consumer behaviour consumer behaviour consumer behaviour consumer behaviour consumer behaviour consumer behaviour consumer behaviour

According to Sprout Social (2018) “64% of consumers yearn for brands to connect with them.’’ Sprout Social also identified that “when customers feel connected to brands, more than half of them (57%) will increase their spending” and “76% will buy from them over a competitor”. Connection to brands correlates to how much the consumer trusts and how much the brands meet their desires. In conjunction to this, consumers also long for brands to interact with them; a popular means being social media as this promotes authenticity. Experience economy provides consumers with an element of entertainment factor and fulfills their social needs; allowing consumers to promote these experiences via their social platforms. 60

“Millennials have gained a reputation for the tendency to prioritise experiences over products”

(Gherini, 2018), which is greatly advantageous for the growth of the experience economy and really supports that brands need to consider what the consumers want, in order to grow their success. It is evident that millennials are dominating the experience-first trend but they aren’t the only group participating as the baby boomers have a “less is more” mentality and are putting more value in relationships and experiences (Morgan, 2019). J. Walter Thompson Intelligence describe “what constitutes an aspirational experience to a younger audience, however, is radically different to the expectations of older generations, who looked for serenity and formality”; despite consumers nowadays longing to be part of an experience, brands have to ensure they are constructing an experience which will make consumers feel connected to the brand and not estranged due to the foreign essence of the experience. 63

r r

recommendations recommendations recommendations recommendations recommendations recommendations recommendations

The experience economy has been adopted at contrasting rates in various industries; by using the innovation curve it helps to identify where the experience economy is placed within each industry. In fashion, the experience economy is approaching the early adopters stage, however the food and restaurant industry has already peaked and reached the late majority phase.

With the evolving growth of digital connectivity, the experience economy can only advance further with technological improvements. Brands can begin to incorporate artificial intelligence and reality to create differentiation between competitors; and to increase their appealability. Throughout the report, it is evident that consumers needs are at the forefront of marketing strategies, in order to create that long-lasting memory and connection with brands. Experiences have become consumers currencies as materialism no longer dictates class or status (Morgan, 2019). Giving space for further developments to introduce new technologies into advancing experiences and making them more personalised to the consumer.

conclusion

The experience economy is a macro trend which is becoming significantly paramount in consumers lives, as they are no longer craving limited touchpoints with brands and they want to maximise the capabilities brands have available to them. With a world which has become over absorbed in e-commerce, consumers are losing interest in the lack of connection brands now have due to the loss of personality.

golden thread

The running throughout the research gathered is the significance of consumers needs and the impact they are having on how brands are approaching their merchandising and marketing strategies. A potential debate is that... consumers are yearning to travel, however how much are brands actually meeting their needs whilst travelling? By brands being hyper aware of the importance they now hold in consumers lives, it ensures that they will begin to incorporate and meet consumers needs and make them more personalised and unique. 73

APPENDIX APPENDIX APPENDIX

Maslowâ&#x20AC;&#x2122;s Hierarchy of Needs

Pine and Gilmore Four Realms of Experience

Innovation/Adoption Curve

Evolution of Experience by Pine

Social - change in shopping habits, consumers long for a sense of belonging, greater expectations, there is a demand for more and a diversification for experiences to be inclusive for all Technological - growth in AI, AR, more connected to the internet, brands are learning ways of mimicking our use of technology into products and services Economical - is the popularity of experiences going to translate into sales at the end of the journey? Environmental - are they sustainable in design? â&#x20AC;&#x153;Unsustainable consumption of abundance where the purpose is simply to satisfyâ&#x20AC;? (Legrand, W and Nielsen, R., 2018) Political - current political uncertainty in terms of BREXIT, it is certainly going to impact shopping behaviour as people will be conscientious about their money Legal - there is a need for brands to be transparent, as consumers want to have ultimate trust in the brand Ethical - being responsible whilst providing an experience, not wasteful STEEPLE Analysis for trend driver research

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