Experience Economy - Consumer TrendSights Analysis, 2023

Abstract

Trendsights Analysis on Experience Economy focuses on how consumers are becoming less materialistic and start looking 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.

As the shopping experience for the fast-moving consumer goods is becoming increasingly standardized, a rising number of consumers are looking for something more than just the physical product itself. Individuals are becoming more 'experience-driven', therefore brands need to operate also on the experiential level, as consumption and purchasing decisions are no longer solely dependent on the materialistic aspect of a good/service.

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.

Reasons to Buy

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