The ‘Experience Economy’: Riding a rising tide – trends and technologies driving the progression of economic value in a digital age
The way people want to experience life is shifting – as confirmed by our latest research white paper, “The Experience Economy: Riding a rising tide.”
More people are doing more experiences than at any other time in history. Experiences as a sector of the economy is talked about in the media and researched extensively. Our world is changing, and where people choose to spend their time, money and energy is shifting.
In response to the explosion of experiences both globally and domestically, we have commissioned research into the progression of the ‘Experience Economy,’ with a number of key themes emerging from the data.
We know that focus has grown from delivering goods and services, into the space of creating and staging experiences that elevate the customer experience beyond a mere transaction, and into the realm of true value exchange between consumers and businesses. We researched this trend across the US and Australia, and the results have been illuminating. We’ve gained an insight into demographic trends, the role of social media, the notion of brand loyalty, and the way FinTech developments and AI are shifting the expectations of the modern consumer. This paper identifies:
- Why experiences have become the new competitive battleground of retail
- The macro factors driving the shift to experiences
- How savvy businesses are using these insights to deliver world-class customer experiences
BRG Co-Founder Naomi Simson said: “As leaders in the experience space both locally and globally, we felt it was crucial to interrogate what the ‘Experience Economy’ stands for in 2019 and beyond, particularly in the local market. The ‘Experience Economy’ is in no doubt growing but it’s also ‘growing up.’
“This new research paper is a resource to help both brands and our 3,000 experience supply partners effectively navigate the next wave of the ‘Experience Economy’. Experiences are the new competitive battleground and businesses that are savvy enough to understand and leverage the new rules of play will stand a better chance of winning the hearts, minds and loyalty of customers.”
This white paper also examines how the sharing economy is bolstering the growth of the ‘Experience Economy,’ experiences in the workplace, and what this means for Australian business.
What is glaringly apparent from our research is that Australia is leading the charge globally when it comes to demand for experiences, creating a unique opportunity for discerning brands. Retailers need to ensure they are asking themselves what consumers truly want, and reflect these expectations and standards if they are to take advantage of this monumental opportunity.