The experience economy post-covid Movies and outdoors sports have suffered huge losses in the experience economy during lockdown, so brands will need to become more agile for the new normal. Jenny Kieras Chief Operating Officer Experienced in product development and both B2B and B2C marketing, Jenny’s focus at Parents Insights is expanding the products offered by the business, which currently surveys 10,000 parents each year to give brands valuable insights into emerging trends. Jenny has worked for brands and with buyers and retailers in this industry for many years, so also knows it is more important than ever before to be able to stay ahead of trends and back product decisions with data and insight. Parents Insights was launched by Manchester-based The Insights People in 2018 to give companies direct access to flash trends and key data to enhance their knowledge about their target audiences’ attitudes, behaviours and consumption.
About Parents Insights Parents Insights is the most comprehensive and dynamic market intelligence resource on all things expecting and new parents in the UK. Every week we survey 200 expecting and new parents (up to the age of 4), which is more than 10,000 every year – which enables brands and agencies to provide significant insight what is influencing into the attitudes, behaviour and consumption of this generations of parents. For more information on Parents Insights, a sample report and a demo of the Parents Insights award winning portal visit www.parentsinsights. co.uk/nurserytoday or call Jenny on 0330 159 6631.
he Coronavirus pandemic has fundamentally altered the experience economy, with the vast majority of events being forcibly moved into online spaces or cancelled altogether. However, as time passes and we enter the new normal, how will the experience economy adapt and recover? 44% of pre-school parents want their children to value experience over mere products, meaning that the opportunity is there for brands to immerse kids in order to engage them. Kids have signiﬁcant spending power, a large proportion of which will have been lost during the pandemic. For example, a portion of the estimated £951m yearly spend on movies, or the percentage from £813m of sports gear for outdoor sports will be a complete loss to the experience economy, since these activities have been banned during Coronavirus. However, agile brands have been able to adapt to meet the needs of kids during lockdown measures. Film companies have experimented with digital release models such as the release of Trolls World Tour, the eighth most popular ﬁlm for 3-6 year olds in the last 12 months. The title was the ﬁrst major ﬁlm to get released on digital channels ﬁrst, rather than in the cinema. Direct-to-consumer models in order to bring experiences inside the home will continue to be prevalent post-COVID, as companies look to target families reluctant to leave the house in times of uncertainty, even as lockdown restrictions ease. In-home experiences designed for the family will look to target the rebirth of family time, as there was an increase in the amount of kids watching TV with their parents over lockdown. With data showing that kids now have more inﬂuence over household decisions, the response from Parents
Insights is a global launch. Jenny Kiera, Chief Operating Oﬃcer at The Insights People says: “As we see increasing democratisation of the family dynamic and children becoming key inﬂuencers in the home, we have taken the decision to expand The Parents Insights brand on a global scale. From January 2021, we will begin to survey expecting and new parents in the markets we currently operate in, which includes Australia, Brazil, Canada, China, France, Germany, India, Italy, Mexico, Russia, Spain and USA, as well as continuing to collect data from UK parents, too.” As kids were forced to remain indoors, digital and oﬄine worlds merged and industries started to adapt to the changing circumstances, which were beyond their control. During lockdown, the deﬁnition of a ‘video game’ is beginning to shift as Fortnite the most talked about subject (3.5%) outside of Coronavirus since lockdown - continues its evolution into a brand and media platform. The platform held a virtual concert in its new ‘Party Royale’ world, a non-combat social mode where players can simply hang out. The event featured rapper Travis Scott, who is less known in the UK than the US, but has since moved to be the seventh highest ‘new’ artist in The Insight People data in May. In-game experiences represent an opportunity for content creators to
engage with a global audience all at once, without any major cost implications, meaning these virtual events will become the norm, even when live concerts can be resumed. Although children have adapted, by being given no option but to live in a virtual world, there will be an undeniable need and want to experience the ‘real’ physical world again. Communities and experiences will play an important role in helping children adapt to the new normal, as kids long to feel like they are part of something again. Parents Insights is the most comprehensive and dynamic market intelligence resource on all things for expecting and new parents in the UK. Every week 200 expecting and new parents (up to the age of 4) are surveyed - which is more than 10,000 every year - enabling brands and agencies to provide signiﬁcant insight into what is inﬂuencing the attitudes, behaviour and consumption of this generation of parents. Parents Insights are oﬀering brands an immersive planning meeting to illustrate how data and insights into the world of parenting can help inform advertising, content, licensing, product, marketing, and sales planning. To download the latest complimentary Parents Insights report please visit: www.parentsinsights.com/nurserytoday