- The shopping experience is increasingly standardized and one-dimensional, leading consumers to seek a more tailored experience.
- Consumers increasingly seek to recreate ‘experiences’ at home.
- Consumers, particularly millennials, are less materialistic, and prefer experiences to ‘things’.
Experience Economy influences purchasing decisions in a variety of ways, and holds the greatest sway among these cohorts:
- Parents of young children
- Better-off consumers and those on moderate incomes
- Older Young Adults and Pre-Mid-Lifers
Companies need to create immersive experiences around their products in order to encourage consumption. Followed by offering consumers with specialist advice and a tailored service to create experiences. Consumption setting is important, whether it be movie nights with family, boutique shops or mobile units. Brands can further harness the power of social media to drum up interest around products and encourage experience sharing.
The report “TrendSights Analysis: Experience Economy” examines what Experience Economy means as a consumer trend and why it is important, who is likely to be the target audience, how FMCG brands can best capitalize on the trend, and what the future outlook for the trend will be.
Companies mentioned in this report: Pimms, Carlsberg, Sol, Jaegermeister, Zipz, Lush, Cosmetic Kitchen, Weleda, Poptacular, Tesco, Marks & Spencer, La Colombe Draft Latte, Gimdog, Dragonfly Tea.