More important now than ever before is a phrase we’ve heard (and used… guilty!) time and again since the pandemic came and changed our lives in 2020. But it applies to so many parts of life and one of those things is the Experience Economy. Put simply, the Experience Economy is the preference for experiences over material goods — experiences must deliver authenticity and value that create engagement. A study by Expedia showed that 74% of Americans value experiences over products or things, and with the changing times, this trend has nowhere to go but up.
So why is the Experience Economy so important right now? Here are just a couple of reasons:
People need an escape & going out feels like a luxury
After adhering to quarantines, lockdowns, and all kinds of mandates, what do many people want when they leave the house? They want the trip to be worth it. Experiential events or experiences, if done right, immerse attendees in a whole new world. From mood and music, to authentic food and beverage, all components work together to transport your attendee to an alternate universe that lets them escape their everyday. Many brands are jumping on the opportunity to reconnect, immerse their customers in their brand, and make the experience a memorable one. A few recent examples are the Harry Potter flagship store in NYC, Dick’s Sporting Goods’ choice to celebrate sports, not just the gear, and Ole Henriksen’s product launch to remember.
Connecting to the world at large
Let’s face it… many of us have been in hiding. We may not be as aware of what’s going on beyond our front doors, and many are struggling to maintain a sense of connection and understanding of our rapidly changing world. That’s where the Experience Economy can help us connect. You might automatically think of bright lights and celebrations, but experiential events have the power to educate, inspire, and even help bring social change. For example, Crossroads Foundation created the powerful and emotional “Refugee Run” experience which immerses guests into the simulated life of a refugee.
Brands need to reconnect and stand out from the rest, and experiences are the way to do it. Ever heard of the phrase you don’t know what you’ve got ‘til it’s gone? Your clients, customers, and attendees have been missing the joys of going out and gathering, so make sure that when you do bring them together, it’s worth their while.