EXPERIENCE ECONOMY EXPERIENCE ECONOMY EXPERIENCE ECONOMY EXPERIENCE ECONOMY EXPERIENCE ECONOMY EXPERIENCE ECONOMY NICOLE NG N731670
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Nicole Ng
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CONTENTS Aim & Objectives
Methodology
Introduction
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Definition and Evolution
TREND DRIVERS: New Retail
Optimised Lifestyle
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Tech Advancements
TREND CONSEQUENCES: FOMO
Transformational Economy
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Emotional Connectivity
INDUSTRY IMPACTS: Travel/ Hospitality
Eatertainment
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Fashion
Beauty
Future & Conclusion
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Image Reference
References
Bibliography
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What is the Experience Economy?
AIMS & OBJECTIVES The aim of this report is to research and explore the experience economy macro trend. By analysing how this trend has evolved to where it is now, the drivers of this trend that is pushing this trend to go further, considering the shift in consumer behaviour by how they react and respond to good experiences and how this impacts on other industries and how this trend is being implemented. This will act as a springboard to assist with the generation of ideas for the next stages in this project. The objectives of this report in order to achieve the aim will include: in depth research and understanding of the experience economy trend to then identify the drivers, consumer behaviours and consequences. Present example in a variety of different industries where this trend is put into practice along with different elements from the drivers and behaviours.
METHODOLOGY This report will use a broad range of secondary research sources to provide in depth analysis and aid innovative thinking for recommendations for the future of this trend. Secondary research will include: articles, books, statistics, news, magazines, youtube and websites. Advantages to articles, news and websites is that they will be easy to access online and easy to find a range of different information however, some articles can be biased to one’s point of view which will have to be justified. Use of books and magazines give different perspective however, some books that were really useful tend to be quite old books, which could be seen as unreliable and out of date, however can find to still be relevant if compared to how far the content as evolved to today’s day. Media such as Youtube is useful to get consumer insight on certain experiences and opinions straight from the consumer.
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INTRODUCTION Experiences have become imbedded into consumer lifestyle and also impacting their purchasing choices. Changing the way businesses work and engage with their consumers where solely product consumption is not enough for the modern consumers today.
With
“78% of millennials choosing to spend money on a desirable experience over something material” (Eventbrite, 2014) and
“73% of consumers in the United States and the United Kingdom more likely to purchase a product if they have participated in a brand experience” (Set Creative, 2019). Experience has become vital for brands in order to engage people’s attention, encouraging them to share with friends and families to then move forward to either purchase products, attend events/ stores or just gain exposure and more. This report will explore further in where this trend rose to mainstream and has evolved over the years, from the drivers that are pushing the experiential trend, to the consequences this may have, and the different industries that this is implicating with insights into what the future may bring to the trend.
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WHAT IS THE EXPERIENCE ECONOMY? DEFINITION AND EVOLUTION The experience economy is the actions taken beyond product offerings and services where experiences generates valuable intangibles for the consumer. (Localist, 2016). According to Pine & Gilmore, the evolution of experiences from commodities to goods to services and then experiences is explained through the birthday cake;
During the young years of childhood back in the day, parents would buy ingredients (commodities) to make a homemade cake where the emotional value is focused on. Then there was the invention of cake mix and ready made icing (goods) costing slightly more for a less time consuming process.
As time became tighter over the years, demand for bakeries and supermarkets to bake and make the cake for double the price which put value in the convenience of services.
Fig.1
Eventually, the whole process is outsourced to external businesses where they would throw the whole birthday party including the cake to create an immersive experience.
This shows how experiences were eventually introduced since events created more memorable and emotional value than goods and services which consumers were demanding and willing to invest in for a higher price. (Pine and Gilmore, 1999) 6
Fig.2
Another contribution to the origin of the experience economy trend are pop-up stores. By definition, pop-up stores are temporary located stores or events that operate for a short period of time. With the earliest examples of pop-up stores being seasonal markets and farmers markets, until 1997 when Patrick Courrielche devised a ‘nightclub meets fashion and music’ pop-up concept in Los Angeles known as the Ritual Expo (Plenert, 2018) providing an experience for people to buy independent streetwear clothing whilst being immersed in DJ culture. Soon after a few companies joined the craze and pop-up up stores were everywhere but wasn’t until a few years later when more brands adopted the pop-up concept.
Fig.3
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TREND DRIVERS TREND DRIVERS TREND DRIVERS
NEW RETAIL Despite the seismic shift in the retail landscape from physical to digital, only 21.5% of retail sales were made via e-commerce (Office for National Statistics, 2019) during November 2018. Shoppers still want that in-store touchpoint with people and products with 74% of people preferring to purchase in physical stores than online (I-AM, 2019). However, “many shoppers experience retail fatigue as they grow tired of repeatedly seeing the same products and services” (Forbes, 2019). Therefore, with the rise in pop-up store concepts, bringing memorable experiences where customers can touch, see, smell and engage with a brand rather than just skimming through products, has a beneficial outcome for consumers. By creating a lasting impression towards brands and products, “consumers would be more likely to recommend a good brand experience to their friends, over a purchase they had made” (Everett, 2018) with two out of three consumers stated that they react positively to retailers that surprise them with unexpected experiences (Barclaycard, 2018). Also with the unique locational aspect of pop-up stores, 52% of shoppers said they enjoy finding shops in non-traditional locations (Barclaycard, 2018). Therefore, the idea of really engaging in the customer journey in-stores is vital to create excitement and interest in the retail experience.
Fig.4
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OPTIMISED LIFESTYLE Social media has become a construction of sharing what people have done and experiences they have encountered. “Experiences are at the heart of the millennial identity” (metro and mailonline, 2015). Once consumers have experienced special events in their life they share on their social media to showcase their optimised lifestyle for people to admire, be inspired by or leave feeling a sense of envy (Fairley, 2019). For millennials to reach the level of personal optimisation and achieve the millennial identity, it is not about where you come from but
‘how experienced you are’
(metro and mailonline, 2015) and in turn is judged by consumer’s social media profiles. Although this brings pressure for consumers nowadays for the ‘perfect’ Instagram feed, “experiences play into the thirst for content” (Mckinsey, 2017) and lead to great stories and photos to share and aspire to than product purchases would. Fig.6
In another perspective for an optimised lifestyle, according to Jordan and Szymanska who explored the learning economy, “brands are stepping in as partners in [education to] continue process of selfimprovement” as consumers are much more fluid and 73% of American adults consider themselves to be life-long learners (Jordan and Szymanska, 2016). Consumers want to be educated and take experiences away with them, “they [also] feel empowered by their knowledge and want others to feel the same” (euromonitor, 2019) by sharing with peers and family, so for brands to “offer consumers a reliable and enlightening source of bite-sized education content” (Jordan and Szymanska, 2016) will keep them coming back for more.
Supplement store “Fast Food Aid’ helps to educated visitors about health and wellness by offering supplements for replenishing the nutrients missed from having fast foods, in the hope to drive them to opt for healthier foods. (VICE, 2016)
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Fast Food Aid
Fig.7
TECH ADVANCEMENTS “People are continually looking for solutions that provide convenience, without having to compromise on results” (Vallis, 2019) and with the help of technology and Artificial Intelligence (AI) brands are helping to fulfil the consumer’s need for convenience in their fast paced lifestyles.
Convenience culture stemming from consumers need for fast and easy access to products and services. Fig.8
Zippin’ is an example of a supermarket that uses AI and sensors to integrate the level of consumer experience. Similar to Amazon Go, it is a frictionless store that tracks what you pick up and charges you as you leave the store, Zippin’ are competing with advantage of advanced sensors that create a more reliable and secure process. (Walker, 2019) This personalised and efficient experience successfully adapts to the convenience culture.
Fig.9 Fig.10
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Fig.11
Advances in technology has also been used in museums to help engage consumers into the art. This is shown in increasingly in installations such as teamLab Planets and Borderless in Tokyo, consisting of immersive and interactive movements, together with inspiring levels of stimulation and engagement (Greene, 2018) “allowing visitors to become part of the art”. Another digital art space, Washington’s DC Artechouse showcases the “limitless possibilities of technology, science and creativity” (Artechouse, 2019), presents an abstract landscape experience and involves immersing in four dimensions of immersive lightscapes - horizontal, vertical, depth and time (Greene, 2018). These uses of “state-of-the-art” technology like augmented and virtual reality to merge user experience and the digital world to create stimulating visuals and a sense of escapism for visitors to immerse themselves into away from real-life reality.
12 Fig.12
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TREND CONSEQUENCE
TREND CONSEQUENCE
Fig.14
trust, and discipline are central “ Wonder, to the experience of being human and the keys to our joy. The joy of missing out on the right things. - Christina Crook
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FOMO The fear of missing out (FOMO) is described as “anxiety that an exciting or interesting event may currently be happening elsewhere” in the Oxford Dictionary. FOMO is one of the main aspects in the experience economy that fuels consumers/ millennials to act upon going to events, discovering immersive inspirations and posting on social media. With nearly “7 out of 10 millennials experience FOMO, it drives millennials experiential appetite” (Gherini, 2019) demonstrating how FOMO can create excitement, drive and motivation for unique, once in a lifetime events and experiences that consumers cannot miss out on. Fig.15
On the other hand, anxiety created from FOMO can be severe and affect consumer’s mental health; causing stress, feelings of inferiority and making people compare themselves to others who seem to have more desirable experiences than they do, in which social media has accelerated this phenomenon. A way to overcome this is to “seek [out] real connections with others and increase our sense of belonging” (Scott, 2019) and embracing real life experiences. In contrast, consumers are becoming more self-accepting of the FOMO concept, understanding their own needs and have converted to ‘joy of missing out’ (JOMO). Where consumers become more content about their life and doesn’t let FOMO get to them as much, a surprising “47% of Brits admit to being happy in their own company” and “77% of millennials actively engage in JOMO” (Read, 2019) so does this mean experiences are in danger of becoming inferior...?
Fig.16
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TRANSFORMATIONAL ECONOMY Whilst experiences are memorable, the next level of the experience economy is transformation economy where transformations are effectual (Pine and Gilmore, 1999), meaning we are moving towards experiences that will create “everlasting benefits that customers take away” stated by Kim Verbrugghe, strategist in experience design. She explains further that the transformation can either be changes in perception, new skills or physical improvements from spending time with brands (Verbrugghe, 2016). Embedding deep into emotions and educational experiences to optimised customer’s desire to immerse, learn and share. “Consumers are desperate to connect with themselves.” In the transformation economy, consumers crave more than mere experiences but something authentic and meaningful, creating soulful relations with brands, where interactions are highly personalised (Roth, 2016).
Maslow’s Hierarchy of Needs Self - Actualisation
Intellectual needs, fulfiling potential, achieveing targets.
Esteem
Self-respect, level of status
Social
Feeling wanted, sense of belonging, part of team
Safety
Safe working environment; job security
Psychological
Basic needs - e.g. food and shelter
From the theory of Maslow’s Hierarchy of Needs, the transformation economy is part of the self-actualisation tier where the creative engagement, need for development and fulfilling potential is achieved by brands offering meaningful and genuine understanding to connect with consumers on a personal level.
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Fig.17
“An economy where experiences are elevated from mere enjoyment to actual personal transformation” (Jasmine Bina on Pine and Gilmore’s concept.)
Fig.18
Self-Growth 17
emotional CONNECTIVITY Immersive experiences touch on emotions to generate consumer reactions and responses in order to create psychological value (Pasqualini, 2019). Strong links to happiness. Shared experiences with friends and family have a deeper psychological link to long-term intrinsic happiness than buying products does. Research suggested three potential drivers of this behaviour; experience “are more open to positive interpretation, they tend to become more meaningful parts of one’s identity and they do more to foster social relationships” (McKinsey, 2017). Even for older demographics want to feel, behave and be treated as younger and who “seek authentic experiences that reach a deeper emotional level and align with their own personal values, passions and aspirations” (Euromonitor, 2019)
Fig.19
Sensory experiences can also aid in the process of emotional connectivity, by allowing them to explore other forms of their consciousness. Brands wanting to provide more meaningful, in-depth narratives or an opportunity for consumers to form more empathetic relationships with their products, these interactive experiences are high in importance for them to succeed (Szymanska, Walker and Laere. 2017).
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INDUSTRY IMPACTS
INDUSTRY IMPACTS
TRAVEL/ HOSPITALITY
Fig.24
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Bed and Book
Fig.22
There are hotels that provide experiences adapted to the nature of consumer behaviours/ demographic, as illustrated by The Millennials pod hotel in Japan. As known and assumed that today’s millennials are tech savvy, smart pods (capsule room) in this hotel are controlled by iPods given to the guests, that control the bed, lighting and alarms for the morning (Tripadvisor, 2019). However, ironically the trouble of technology is having to recharge which is what tech savvy consumers consequently have to deal with, so once the iPod runs out of charge, there may be difficulties in getting into rooms till it is powered again (Cornwell, 2019). Elegantly designed, the space is just enough for comfort for a capsule hotel and with common areas for co-working, cooking and socialising, this space allows guest to feel they belong and are surrounded by modern technology which they are familiar with, aiding in their fulfilling experience.
Fig.21
In the travel and hospitality industry, it has become more accommodating to fuel consumer’s desires and go above and beyond the basics of typical hotels services and travel as the mainstream knows.
The Millennials
Another hospitality concept, also in Japan, is the Book and Bed hostel accommodation bookstore. The slightly bizarre concept of being able to experience the “blissful instant of falling asleep” (BookandBedTokyo, 2019) while reading a book. Depending on whether consumers are advocate readers then this would be their haven and is available to rent a space during the day, but with consumers who are not as much of a book admirer, “dozing off obliviously during [this] treasured past time is the finest ‘moment of sleep’ ” as explained on their website. With this quirky concept, consumers are intrigued in unique experiential offerings that gives them the sense of stimulating environments and intriguing journey.
Fig.25 Fig.27
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Airbnb X 23andMe
Airbnb recently introduced a collab with genetic testing company, 23andMe, offering travellers to embark a personalised journey exploring their ancestry (LS:N Global, 2019). With the rise in DNA testing kits in recent years, this has fuelled the curiosity and peak the interest of consumers wanting to find their identity and discover more about their heritage. With this cathartic DNA inspired travel, the “authentic travel experiences will help connect [consumers] with local cultures and create a sense of belonging” (Airbnb Newsroom, 2019). This has shown to be effective and creating deep emotional connections to one’s identity as “83% of people in Argentina said that they consider heritage trips to be more valuable than a normal vacation” (Airbnb Newsroom, 2019) illustrating that tailored and authentic travel experiences is an incomparably valuable market to explore.
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EATERTAINMENT In a 2017 report, “growth of personal consumption on experience-related services, such as going to restaurants… have grown 1.5 times faster than overall personal spending and 4 times faster than expenditure on goods” (McKinsey&Company, 2018) meaning consumers are demanding and expecting authentic restaurant experiences that will be willing to pay more for.
An example of an immersive dining experience based around travelling is ‘Journey’ in London, as part of a threefloor experience, the dining part is a two hour experience with four courses and four accompanying cocktails. With four different routes of cuisine to choose from, consumers are taken on a food expedition around the global all whilst sitting down at a table. Consumers can choose from: Fig.28
Journey
With a story behind every dish and drink, consumers are brought along this ‘Journey’ and generating connections with the storytelling which they are immersed into whilst experiences are heightened along with the sensory elements of the taste of cuisines, smell of aromas, sound of music and view of the environment. Bringing it to the next level. 22
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“The Silk Road (China to Pakistan to Persia to the Mediterranean), Castilla (Peru - Mexico - Spain - the Philippines), Eastern Block (the Baltics to Poland to Romania/Bulgaria to Mother Russia) and The Raj (Great Britain to Pakistan to USA to Kenya).“ (Murray, 2019)
Fig.32 &33
Taiwan Noodle House
A restaurant that has incorporated historical semiotics to its interior, is Mr Zhang’s Taiwan Noodle House in Ningbo, China. Specialising in Taiwanese style Sichuan beef noodles being Mr Zhang’s hometown specialty, it was designed with the goal of “taking diners on a nostalgic trip back to their childhoods” (urdesign, 2016). With the success of the first house, the design team gave the second noodle house “a modern and slightly whimsical spin, lining the ceiling with about 400 porcelain bowls”. This time, the layout of the restaurant consisted of “single large, open space, much like a Chinese tea house” (urdesign, 2016) where customers are able to see each other and are encouraged to socialise to recreate the atmosphere of the typical noodle house.
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Thus, making consumers able to relive the traditional authentic experience from the country’s heritage whilst also immersing in the installation of art in the modern and minimalistic location.
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FASHION
Fig.37
Adidas New Oxford Street Flagship Store
The fusion of physical and digital (phygital) fashion stores have become the way of retail experiences, using innovative technology to integrate the customer journey.
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Fig.38
As Adidas has done so recently by creating a new Oxford Street flagship store featuring over 100 digital touchpoints powered using 100% green energy bringing sustainability and creativity connectivity to customers. A few interactive touchpoints they provide are: embedded in-store geolocation tracking offering uninterrupted browsing experience to scan products, check stock and request sizes - avoiding queues, create bespoke ‘LDN’ products designed and sold exclusively, and augmented services like booking slots with Crep Protect for in-store cleaning service or product testing in the Running Lab to find the perfect running shoe. In addition to installations of artwork from London artists featured all through the store. (Adidas. 2019) “The new adidas LDN store is more than a retail experience of the brand, it’s going to be a beacon for us in the city.” - Chris Walsh, 2019
Fig.39 Farfetch
Fig.40
Farfetch has recently launched the ‘store of the future’ providing “augmented reality shopping, emotion-scanning software, innovative payments and creating online and offline personalised experiences” (BDC, 2019). ‘Connected Rail’ uses a mixture of RFID and ultrasound to record what customers have touched and shown interest in when browsing and stored in a personalised smartphone app where consumers can swipe left or right after browsing, then create a wishlist for customers to go back to. Next, the ‘Connected Mirror’ allows customers to try or request pieces and even pay in the end without leaving the dressing room. These personal touchpoints throughout the store creates an enhanced physical shopping experience and strengthens emotional
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BEAUTY
Glossier has successfully harnessed the social aspect of in-store experiences with it being a completely digital brand to start with. By building a cult following among millennials, a strong community and engaging mood board media, Glossier’s pop-up stores are a success, with their first London pop-up store in Nov 2017 receiving more than 10,000 visitors in one week and their shoppable showroom in New York. Opened for almost two year while earning “more revenue per square foot than the average Apple store” (Phillips, 2019) showing how consumers are engaging with a beauty brand they have an interest in and making purchases in-store due to the immersive nature of the experiences.
“A trip to Europe is never complete without a visit to Sephora, nor to New York without going to Glossier” - Naomi Pike (editor of Miss Vogue on British Vogue website)
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Glossier
Fig.41
Fig.42
In the beauty corner, in-store experiences are still very relevant as the touchpoints from trying the textures, playing with colours and smelling the products with the help of face-toface assistance, creates the essential experience.
Fig.43
Sephora launched a new phygital store at the IFC Mall in Hong Kong, “in the brand’s current focus on… merging the physical and digital points of engagement with customers” (Inside Retail Asia, 2019) in their stores. Sephora has really understood the Chinese market by tailoring their store to adapt to the consumer’s behaviour and needs, as in Hong Kong and the Asia market in general, skincare is much bigger interest than in other countries where colour and make-up cosmetics is more accustomed to. Therefore, this store will have more focus on skincare to accommodate this. The display of the store has a bright, dazzling environment surrounded by technology and space to interact with customers rather than just presenting a range of products, as well as dedicated makeup consultation areas for a more personalised experiences about products or applications.
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Sephora
Boots in the UK have also redesigned their layouts by removing “big-brand counters and replaced them with trending zones, discovery areas and live demonstration areas” (Phillips, 2019), giving a better customised experience for consumers to take away with them.
Boots
Fig.47
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FUTURE AND CONCLUSION For the future recommendations of the experience economy it will be about creating authentic and emotion-provoking experiences that fully immerse consumers into a brand, consumers are wanting to optimize themselves by learning and absorbing through these experiences in their life which they are demanding more of in each part of every industry explored in this report. Brands are taking on board consumer’s behaviours and really understanding what consumers are wanting, by targeting those desires and gaining consumer’s attention, which in response they share their optimising lifestyles with their own audience of friends and family and even followers. With the fast paced nature of consumer’s lifestyles, the trend will evolve to create experiences were consumers can escape and direct their focus on something else, away from the current realities and allow them to reconnect with themselves and other interests. Moving forward, the next steps from this future thinking report will be to explore more on how the experience economy is capturing emotions with further research to be carried out to gain a broader knowledge of how consumers are responding around this.
Fig.49
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