Future Thinking- The Experience Economy by Kat Harwood

Experience Economy Future Thinking Report

KATHRYN HARWOOD N0688190

Experience Economy Future Thinking Report

Kathryn Harwod N0688190

Methodology

06.

04.

Contents

38.

The End

Conclusion References & Bibliography

Authentic and Staying Fresh Beyond The Youth Be Cautious

34.

22.

13.

08.

The FutureBeing

Brick-and-mortar fight back Dining/Hospitaloty Travel

Industry Implication

The Experiencer Digital Connectivity Consciously Unwinding

Trend Drivers

What is it? Timeline

Introduction

The formation of this report has been sculpted by an extensive amount of secondary research. Reliability and relevance to both qualitative and quantitative field research have been cruital with dates, sources and variety having been considered. Secondary research offers a wide amount of already existing information without the cost and time of field research. However, finding more particularly tailored research cannot be reached; this report acts as a base into the deeper findings in stage 1.

Methodology

The

Introduction In a digital world full of political uncertainty and non materialistic youth, we are adapting to what is known as the Experience Economy. “Today the concept of selling experiences is spreading beyond theaters and theme parks” (Pine and Gilmore, 1998). This report will delve into what is the Experience Economy and why brands are feeling the pressure to build memorable experiences. To acquire a deep understanding of the trend there will be an in depth analysis of the key influences and drivers. It will begin with an investigation into where this new economy has matured from, then how it has influenced industries and what key brands are adapting to this new wave of our economy. It will be exploring critical views, such as - who has been fueling this trend? And critical thoughts, such as - are brick-and-mortar fighting a losing battle? With a concentration on the economic insights of Pine II and Gilmore, there will be an understanding of what makes an experience, for example their ‘Four Realms’ theory (appendix..). With debates and suggestions across the retail, travel and hospitality industry the conclusion of this report will highlight future pathways that these industries need to consider. After all, the ‘Self Fulfilment’ in ‘Maslows Theory of Needs’ (see appendix 1) has become more complex and brands need to be paying attention.

Introducti

Introduction

ion

1. 1. 2.2. 3.3. 4. 4.

Develop an in depth understanding of the trend through intensive secondary research from a variety of reliable sources.

Find the key drivers for the shift in consumer behaviour with analysis and debate for how they might develop.

Get an understanding of how a variety of industries are increasing consumer motivations through developing engaging and unmissable experiences.

Start to identify demographics that are emerging within the economy and what industry should be taking notice; as well as highlight suggestions to where the trend might be leading

AIMS & OBJECTIVES Introduction

Introduction

What is the Experience Economy? First bringing the economic shift to light, Pine and Gilmore (1998), “goods and services are no longer enough” - forming the Experience Economy. Instead of getting joy from owning, consumers would rather be spending their money on doing. So much so that consumer spending on experiences is expected to rise to US$8.0 trillion by 2030 (Bremner, C. and Boumphrey, S., 2017). The experience seekers are at the core of the economy - every experience is created to give the consumer something to remember. But what makes an experience? A Business Of Fashion article, “Op-Ed | The Formula For Brand Experience”, outlined three steps of building an experience - “technology, education and entertainment” (Lacy G., 2017). Memorable experiences immerse all five senses in an authentic and personal way (Pine and Gilmore, 1998). An experience needs to have effect and some would say an element of surprise, in order to be powerful. Following from Pine and Gilmore’s first book they claim that it ‘has not sufficiently penetrated the minds of enough business leaders’ (Pine and Gilmore, 2014). So, are they listening now?

The Evolution

6th Centry

1973

The Birth of Theatre

“Eatertainment” Was Born (Pine and Gilmore, 1998)

“In the 6th century BC a priest of Dionysus, by the name of Thespis, introduces a new element which can validly be seen as the birth of theatre.”

Hard Rock Cafe hosted their first live performance in 1973, Paul McCartney, bringing themed dining to life (Referenceforbusiness, 2019).

(Historyworld.net., n.d.)

1955 “Experience the Magic” (DisneyParks, 2019) Walt Disney’s metropolis of nostalgia, fantasy, and futurism, opens” (History. com., 2019) and to date delivers the best customer experiences (Gilliland, N.,2019).

Introduction

2013 ‘Let’s Do Something’ As shown in appendix 5 the Events industry boomed in 2013, meaning ‘The Experience Economy’ started to rise (EventBrite, 2018).

“How “How people people think think and and feel feel is is the the beating beating heart heart of of every every great great experience” experience” (Weareyourstudio, 2019) (Weareyourstudio, 2019)

DRIVER ERS DR DRIVER RS DRI ERS DR DRIVER ERS DR DRIVER RS DRI

RS DRIVRIVERS D RSDRIVE IERDRIV Trend Drivers RIVERS D RS DRIVRIVERS D RSDRIVE IERDRIV As consumers are at the core of the experience economy, the amount of trend drivers are extensive but essential. This section will explore some of the key influential drivers and their impact on businesses.

As YourStudio , a company building innovative experiences for brands, states “Understanding human behaviour is essential to creating effective experiences”.

So who is the experiencer?

Millennials Jenny Hotti (2019), a Trend Analysis, describes “millennials in the front row” of the economy. Supporting this an estimated “78% of millennials would choose to spend their money on a desirable experience over purchasing something material” (Thomas, H., 2019). But why? Experiences are “more shareable, which is important to younger generations” (Morgan, B., 2019). According to Author James Wallman “It used to be that our car, or handbag or wallet showed our status.”, however ‘status’ is now gained through sharing where we have been (J. Wallman, 2013). Consumers need something to write home about, or in this world… insta story home about; causing the ‘Fear Of Missing Out’ (FOMO) to kick in. With approximately 69% of Millennials feeling ‘FOMO’, it’s driving their “experiential appetite” (Poll H., 2014).

Although Millennials are the main focus for brands toe-dipping into the experience economy, it “expands beyond young people” (Yaffe, J., Moose, A., Marquardt, D., 2019). In fact, an LSN Global report states that there's ‘an untapped potential’ for the new wave of shopping attractions (page 24) to cater experiences to all generations. (Stott, R., 2018). But what other generations are or will be desiring experiences? Another economic shift brands should also be considering is the single market boom. “With marriage rates in

decline and more people living alone”, being single is no longer an unwanted way of living (The Laboratory, n.d.). With more self-purchasers, ‘solo travelers’ and an emerging market for ‘single-serve leisure’” brands should consider how this can unveil new possibilities (Walker L., 2019). Tesco has adapted to the single person households, for example increasing their single serving meals and smaller wine bottles. “In the decade ahead, the uncoupling of society will mean that ‘the individual’ is in the frame more than ever” (The Laboratory, n.d.); a lifestyle choice shaping new behaviors.

01. 01. The TheExperiencer Experiencer 14

Trend Drivers

02. 02. Digital Digital Connectivity Connectivity

Trend Drivers

As the bridge between reality and digital continues to conform “so too will the experiences in them.” (Szymanska, A., Walker, J. and Van Lasere, S., 2019). Advances in technology play a key part in the progression of experiences, for example Virtual Reality (VR) aiming to “create a sensory experience for the user”(Liu,, S., 2018). It’s stated that intelligent technology can offer a more personalized customer experience (McCleary, T., 2019). Ultimately, with the likes of theatre, experiences were always an entertainment; but in today's connected-world, technology built the experience economy (McCleary, T., 2019). The Implications section will delve into what and how brands are performing digital.

Trend Drivers

â&#x20AC;&#x2DC;The shift to an experience economy has the power not only to change how we spend our time and money, but also to promote inclusion and democratize happiness.â&#x20AC;&#x2122;

03. 03.

(Jonathan Yaffe, Andrew Moose, Dana Marquardt, 2019)

Consciously Consciously unwinding unwinding

Trend Drivers

Now with ‘over 9.3 million Americans who meditate’ this new world of finding inner peace and taking care of your inner health is ‘a billion dollar industry’ (M. Patrico, 2018). According to J. Yaffe, A. Moose, D. Marquardt, (2019) many believe that the new wave towards an experience economy “is not a trend at all, but rather a realization of the longevity of human happiness”. As shown in Pine and Gilmores “four realms of an experience” (appendix 2) the element of escapism would speak to consumers emotions - allowing a disconnect from the outside world. Inspired from Sweden where it is “covered by the health service”, the UK are starting to float away their stresses in “Flotation therapy” pods (Saunders, T., 2017). Although originally used used for pain relief (Saunders, T., 2017), the marketing director of Float Pod, Amir Adib, describes it as “a way for you to simultaneously relax not only the body but the mind as well”. But why are we wanting to escape? 58% of young people agree with the statement “recent political events make them feel anxious” (Friend, H., Houghton, L., McGregor, R. and Radin, S., 2018). Appendix 4 shows that millennials are desiring authenticity (Cassidy, P., 2017). So, should businesses be using the realm of ‘escapism’ to succeed?

Trend Drivers

To switch off or on? As addressed on page 14, millennials are online sharers, however there is an emerging topic of switching off. Although this activism against social media is a hot topic, will we actually follow through? “Just thinking that you want to spend less time on your phone is not good enough.” (Mickiewicz, M. and Buchanan, V., 2016). Maybe more experiences will be implementing a forceful switch off as we become more present. Arguably, if social media fueled the growth in the events industry will it continue to create Millennial ‘FOMO’? (Eventbrite, 2014)

Trend Drivers

Industry Implications This section explores how the retail, travel and hospitality industry have responded to the trend. It will also start to debate and pinpoint possible areas of growth for the trend. For example, will brick-andmortar use experience to survive?

INDINDU IMPLICA INDUSTR PLICATIO DUSTRY INDINDU IMPLICA INDUSTR 23

RETAIL RETAIL Brick-And-Mortar Fight Back

Physical store spaces have undeniably been put on the back burner while brands battle to exist within this over-digitalised world; “at their worst, malls feel cold and impersonal” (R. Stott, 2018). Shoppers have witnessed the closure of beloved high-street stores over the past decade - for the brands still holding on, they will have to dramatically change their in store experience. Surprisingly, in this digital universe, trade statistics show that online sales for tangible goods are not doing well (Rajamma, R., Paswan, A. and Ganesh, G., 2007). Therefore, shoppers aren’t abandoning physical stores for online stores, but instead - not wanting tangible goods at all. The incite of Dough Stephens (2019) is interesting; “People are lining up outside stores that are worth a trip to getting in”. In a time were online purchases are more convenient, Stevens found in a study, that brands achieve a “20%-30% lift on online sales because you have a decent physical store in the market”. So how are the clever brands pushing for a greater in store experience?

“Turning shopping into an immersive, multisensory experience has been much vaunted as a way in which bricks-andmortar stores can compete in an increasingly online retail landscape.” (Jones, N., 2019)

Implications - Retail

Smaller online brands are seeking retail spaces that “provide a live experience” (Trendone, 2019). Opened in late 2018, Showfields is a retail space in New York City that is being described as the awakeninging of the “next generation department stores”(Jones, N., 2019). The multi level building space had the idea to make shopping an event, to which they describe themselves as “the most interesting store in the world” (Showfelids, 2019). The 14, 707 square-foot building offers independent brands to showcase their products, which are brought to life by actors. Each level offers something to see, touch, eat, hear or smell; engaging all senses (Bird, J., 2018). Merging the walls between art, dining, retail to create what they describe as a ‘magic realism’ has uncovered a new representation for the future of retail (Showfelids, 2019). From the inclusive ticket purchasing to the immersive personal experience, Showfields offers ‘escapism’ from our digitally driven universe (Showfelids, 2019).

(Showfields, New York)

(Frank Body, Showfields, New York)

(Showfields, New York)

Implications - Retail

(Shridan&Co, Showfields, New York)

(Showfields, New York) But how can the mega shopping centres deliver the same personal experience? According to the marketing chief, Myf Ryan (2018) , of Westfleids Europe, experience is what is keeping them alive. With their London centre estimated to have over 60,000 visitors a day and plans for a new immerse centre opening in 2028, they are the clear leading retail space (Hanbury, M., 2019). Despite westfields can show an understanding of the Experience Economy, they aren’t able to show any quantitative return on their investments (Myf Ryan, 2018).Yes they can see increased yearly value, but how can they truly measure the value of experience? There has been an exploration into shopping centres charging admission fees, which could increase value, but would it increase footfall? Imagine paying admission to then be disappointed; “‘before a company can charge admission, it must design an experience that customers judge to be worth the price’ (Pine and Gilmore, 1999).

Implications - Retail

Tech in retail Selecter, a retail brand in China, has “seamlessly integrated” tech within their retail store - The Future You. With live social media feeds projected onto small tablets above clothing rails educating shoppers on product information providing an immersive experience (InsideRetail., 2019). Their changing rooms also include magic mirrors, which are beginning to be introduced by similar UK brands such as Levis -”You can tweak the lighting, view and request different sizes and colours of garments on the mirror”(Griffiths, S., 2018). Furthermore, VR is also being used within retail spaces, for example figure 1 shows Topshop’s launch for it’s S/S 17 swimwear line. Are brands starting to abandon reality? As stated on page 22 ‘malls feel cold and impersonal’; R. Stott (2018) believes that this can be solved with a “more personal approach to customer service’”.

(Selected, Future You store, Beijing)

Implications - Retail

Fig 1

(Topshop, Oxord Street, 2017)

â&#x20AC;&#x153;The experience economy is booming, the brands that understand why and tap into this trend are winning big.â&#x20AC;? (Anne Gherini, 2019)

(Topshop VR Catwalk, A/W London Fashion Week 2014)

Implications - Retail

“the hospitality industry is a leading example of how the ‘experience economy’ can provide an extra layer of intangible value” (H. Thomas, Opentable, 2017)

More than taste

Our dining experience is more diverse than we would think ; “Everything from the colour of the plate to the weight of the cutlery in your hands”, dining engages all senses (Professor C Spence, 2017). Described as “eatertainment”, themed restaurants like Planet Hollywood and Hard Rock Cafe were the leading memorable dining experiences; so much so they could sell memorabilia (Pine and Gilmore 2011). Fast forwarding to now we have seen the likes of underwater restaurants (fig 3) to multisensory dining (fig 2) - there is now a greater relation of dining being ‘beyond the taste buds’ (Thomas, H., 2019).“Restaurants are becoming stages” to which the chefs and waiters are “actors and magicians”. An example being the rise of high end ‘open table’ restaurants, where visual food preparation takes a ‘theatre’ approach (Professor C Spence, 2017).

DINING 30

Sagaya, a restaurant located in Ginza (fig 2), uses technology to enhance experience; “projection mapping, digital sensors and sound” a leading-edge dining atmosphere (Spoon & Tamago., 2017). According to Professor C Spence (2017), The New Science of Eating, “Diners are willing to pay a hefty premium for an experience”. Spence also states that there is a lot more to be done and that is being done. Will we be seeing more technology within dining? Will connecting to deeper emotions come into play? As stated on page 14, solo diners are becoming more important for brands to adapt to. A BBC article by Barbara Balfour states that “restaurants around the world are trying to make themselves more welcoming to solo diners”. More restaurants are becoming aware of the reduced stigma of being alone; in 2014 a niche one table restaurant in Amsterdam, Eenmaal, saw a full house (Balfour, B., 2014) . But how has it been been adapted since? We should start seeing bigger hospitality brands catering to single leisure.

Fig 2

(Ginza Steak Restaurant, Japan)

Fig 3

(Thaa undersea restaurant, Maldives)

TRAVEL As the UK travel market remains confused, due to political uncertainty, more brands are focusing on eliminating negative factors to travel (De Vries, M., 2019, p.2). For example, with 44% of US Millennials traveling with children, some travel companies are going “above and beyond to ensure children are entertained on holiday” in hopes to favor the spending parents, especially the single parent. (Friend, H., 2018). VistaJet launched “Adventures in the Sky”, offering a “playground” for children while flying; this includes parties, aventures and even learning on board. As the economic gods would describe the merging of an “educational” and “entertainment” experience - it is “edutainment”. (2011, p.64). So what about the “more active” single travellers without children? Appendix shows that the ‘single’ demographic is the travel industry's largest clietele (Worthington, J., 2018, p.2) How can brands use the Experience Economy for the solo travelers?

“Around 19 million people, say travelling is their top priority for their savings”

TRAVEL (Hughes, 2019)

A way a travel brand has been using experiences to sell its experiences is Virgin Holidays. Even though most holiday bookings are made online (Moss, A., 2018, p.2), linking back to page 24, exceled flagship stores increase brand success (Stephens, D., 2019). By ‘Yourstudio’ designing their innovative Flagship stores, they have shown a new direction to destination searching. The immersive stores engage all senses with the likes of; VR, dining, and spa treatments (Yourstudio, 2019); stepping into the Experience Economy. What’s seen to be the hardest element of travel to improve? Flying. Negative memories have a greater lasting effect than the good ones (Thompson, A., 2007). British airways was seen to test VR within flights to eliminate this slump part of a holiday; including 360-degree entertainment and even meditations to calm flight nerves (Garun, N., 2019). Appendix 7 highlights the Experience Economy within airlines is in demand (De Vries, M., 2019).

The Future From what we have gathered throughout this report, the next section will highlight some possibilities for where it might lead and what brands should be considering.

THE FUT THE FUT THE FUT THE FUT THE FUT FUTURE FUTURE FUTURE 35

Being Authentic and Staying Fresh

According to Szymanska, A., Walker, J. and Van Lasere, S. (2019) many brand experiences in this crowded market feel ‘fake, forced or over-engineered’. It is important that brands remain on brand and reflect what suits their image and core values. Brands need to be cautious of experiences reaching a saturation point. They need to find innovative ways to surprise consumers, however how long will the surprises remain impactful?

How can brands push their experiences via advertisements?

As the experience economics summarized “the more senses an experience engages, the more effective and memorable it can be”. However, it is important that brands remain true to their essence (appendix..), so that they don’t lose themselves; “an experience should support and enhance its theme”.(Pine and Gilmore, 1999). Every experience should be carefully developed and not be rushed into following competitors. Negative memories have a greater lasting impact than positive memories (Tugend, A., 2012), brands need to be cautious when stepping into new consumer experiences.

Beyond The Youth

The millennials pathed the way for the Experience Economy, what memorable experiences can be created for other demographics? With more confidently single people than ever, how can brands continue to adapt to this new market? New parents, both single and co-parenting are most likely to be a millennial. Brands need to consider how this experience hungry age group will shape to their parenting behaviours. As Gen Z, the anxious and strong headed demographic are stepping into young adulthood, will they be wanting to solo travel like the millenials? Brands should be understanding the behaviours of these upcoming, job seeking adults.

Millenials are more than just an age; new parents, single households and single parents are all possible consumers that brands should be adapting to. They could be eager for their children to gain memorable experiences like they have. An important factor for parents is educating their children, will educational experiences become more immersive and advanced within different industries?

Be Cautious:

‘Brands must only invest in experiences that offer value.’(Szymanska, A., Walker, J. and Van Lasere, S., 2019). How can brands understand what their return on investments be? Will we be switching off? Within the feel of ‘FOMO’ that the youth use their devices to generate, will experiences be in demand in the future? Will customer service jobs become a highly trained career of delivering customer experience? In order for brands to understand that value of experiences, they must have a set plan on how to measure the return. Admission fees, annual passes and memorabilia are all ways that the entertainment industry would add gain profitability; as the demand increases so will the cost of attending brand events. It is crucial that brands explore the possibility of social shifts within the switching off movement. Could brands adapt to this consumer behaviour by supporting the movement? Brands need to start from the base of customer service before they jump into developing experiences. Customer service jobs could start to become more highly trained, customer experience careers. Brands need to remain consistent with their positive consumer approaches in order to form a strong brand (Pop-Nikolov, B., n.d.).

The End This report has explored the evolution of the Experience Economy and what has driven the trend to become how it stands today. It has been proven that the desire for experience is present and prominent within our economy and industry implications. Where this trend might lead is currently unpredictable, but this report has highlighted key insights of possibilities. The key to a great experience is understanding your consumer, so that the sweet spot can be reached (appendix 2). The findings in this report have explored upcoming consumers that will require different areas of the realm, so brands should start investigating what their future consumers want. Following this report there will be a Stage 1 report- delving deeper into a topic area surrounding the Experience Economy.

WORD COUNT: 3297 I confirm that this work has gained ethical approval and that I have faithfully observed the terms of approval in conduct of this project.

Signed: Date: 07/11/19

Appendix

01. 02. 03. 42

04.

05.

06.

07.

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