LONDON, June 01, 2022 (GLOBE NEWSWIRE) -- The pandemic has shifted the value and channels associated with the experience economy trend. In recent years consumers have prioritized experiences over products, but before the pandemic, these were characterized by premium, in-person events, and gatherings. COVID-19 has obliged consumers and businesses to re-evaluate what is important to the consumer experience. The travel and other physical experience limitations that COVID-19 has imposed have led consumers to seek sensory escapism. Where economic issues are putting pressure on the trend, technology is offering a cost-effective solution.
The Experience Economy market research report offered by GlobalData Plc provides the consumer trend analysis of the experience economy.
Key Factors Driving Experience Economy Trend
- Escapism
- Technology and Digital Lifestyles
- Rejection Of Mass Production/Consumption
- Pre-COVID Nostalgia
Because of technological innovation, consumers can have more enhanced experiences through the use of tools such as Artificial Intelligence (AI) and Augmented/Virtual Reality (AR/VR).
To know more about key factors driving and inhibiting the experience economy trend, download a free report sample
Key Sensory-Driven Categories in Experience Economy
- Food
- Non-Alcoholic Drinks
- Alcoholic drinks
- Personal care
- Household care
- Petcare
- Tobacco and e-cigarettes
- Foodservice
- Retail
Food has the capacity to be highly personalized and authentic, experiencing renewed focus for consumers during the pandemic seeking escapism.
For more insights on major sensory-driven categories of experience economy trend, download a free report sample
Key Players Associated with Experience Economy
- Rockstar
- Bacardi
- Olika
- Neutrogena
- Fenty
- Domino’s
- Smashburger
- Alepa
- Tesco
To know more about experience economy related innovations in various sectors, download a free report sample
Experience Economy Market Overview
| Key Sensory-Driven Categories | Food, Non-Alcoholic Drinks, Alcoholic Drinks, Personal Care, Household Care, Petcare, Tobacco and E-Cigarettes, Foodservice, and Retail |
| Key Factors | Escapism, Technology and Digital Lifestyles, Rejection of Mass Production/Consumption, and Pre-COVID Nostalgia |
| Key Players | Rockstar, Bacardi, Olika, Neutrogena, Fenty, Domino’s, Smashburger, Alepa, and Tesco |
Reasons to Buy
- Recognize what has driven the evolution of consumer attitudes so far, and why brands must incorporate Experience Economy attributes and features.
- Identify where the market is going and how consumers react in different categories.
- Access valuable strategic take-outs to assist future decision-making and product development.
FAQs
What are the key sensory-driven categories in the experience economy?
The key sensory-driven categories in the experience economy are food, non-alcoholic drinks, alcoholic drinks, personal care, household care, petcare, tobacco and e-cigarettes, food service, and retail.
What are the key factors driving the experience economy trend?
The key factors driving the experience economy trend are escapism, technology, and digital lifestyles, rejection of mass production/consumption, and pre-COVID nostalgia.
Who are the key players associated with experience economy trends?
The key players associated with the experience economy trend are Rockstar, Bacardi, Olika, Neutrogena, Fenty, Domino’s, Smashburger, Alepa, and Tesco.
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