The Experience More megatrend continues to resonate with consumers despite the cost-of-living crisis, manifesting itself across multiple industries, provoking brands to get creative and offer something truly unique.
Consumers’ propensity to spend on Experience More per capita was USD68 in 2022, the second largest megatrend after Shopper Reinvented (USD152)
Source: Euromonitor International Megatrends Quantitative Model
The distinction between digital and physical experiences is becoming increasingly blurred. With advances in technology such as Web 3.0 and Generative AI, consumers have ever greater agency and control over how they engage with brands. Thinking holistically across the customer journey is critical to ensure a consistent yet authentic brand experience.
Foodservice brands go beyond taste to elevate the experience
Consumer foodservice is a core industry for consumers to experience more. This goes beyond the standard fare to elevate the dining experience, whether it is through partnerships, weaving in a futuristic or fun element, or just elevating the sensory experience of enjoying the meal in its own right.
Key limited-service brands such as Chipotle Grill are renowned for their experiential marketing campaigns, spanning TikTok and Web 3.0. McDonald’s even launched Happy Meals for adults in the US so that grown-ups could relive that sensation, transporting them back to their childhood and creating emotional connections.
Chipotle’s Burrito Making Experience in Roblox brought the brand to a new, younger audience, gamifying the experience so that players could redeem rewards for real-life burritos. The brand has also caused a stir on TikTok with over one million followers and 19 million likes to create an authentic brand image.
At the high end of full-service restaurants, brands continue to experiment with multisensory, immersive experiences, such as the trend towards surreal dining offered by Alchemist.
Thriving experiential retail pushes the boundaries of in-store experiences
Retail is at the intersection of a myriad of consumer trends from the desire for authenticity, premiumisation, convenience, personalisation, digital transformation to unadulterated fun and enjoyment.
54.8% of consumers globally stated that in-store experiences were important to them - even higher for millennials, at 63.6% in 2023
Source: Euromonitor International
Retailers are constantly striving to integrate new in-store experiences and adopt omnichannel strategies that bring the best of both worlds. Zara is among the brands pushing the boundaries, with a new flagship store at Battersea Power Station in London, the UK, featuring boutique spaces, self-checkout, consumer areas to recycle, and mobile tech like Pay&Go.
Consumer electronics unveil the next generation of immersive experiences
Due to digital acceleration post-pandemic, consumers are increasingly engaging with the world through smart technology, generating greater immersion, interactivity and connectivity, whilst shaping the experiences they enjoy.
By 2028, 3.3 billion consumer electronics units are forecast to be sold, posting a 3% CAGR over 2023-2028
Source: Euromonitor International
At CES 2023, the hype was around smart homes, smart cars and smart TVs with even a smart toilet to alert consumers to potential health issues.
The next experience frontier: From metaverse to spatial computing
Earlier this year, Apple announced the launch of its futuristic Apple Vision Pro AR/VR headset, due in 2024, which is expected to be a game-changer for immersive spatial computing, leapfrogging the metaverse. Competing with Meta’s Quest Pro, Apple’s next-generation AR/VR headset is going to make waves beyond gamers.
The headset will be controlled by the eyes, hands or voice and will feature 12 cameras and a dual chip. There is huge hype about the different types of mixed reality experiences consumers will be able to dive into. However, much depends on the developers that Apple will need to produce apps, beyond its own. The price will also be prohibitive for many with a hefty price tag of USD3,500.
Trailblazing luxury and fashion at the forefront of brand experience
Luxury and fashion brands are riding the Experience More Web 3.0 trend such as Fashion Week 2022 held in the metaverse, Nikeland, unlocking NFTs, accessing unique products and experiences in the virtual or real world.
Dolce & Gabbana plans to launch an NFT marketplace for its community to gain access to latest fashion drops and bespoke products and experiences in the real and digital world, for exclusivity, personalisation and the next generation of loyalty.
At the end of 2022, adidas launched its first virtual sports gear collection for consumers to dress their profile pictures (PFP)/avatars, even including a virtual vending machine as part of its Alts by adidas campaign, releasing different traits. With Generations Z and Alpha being native Web 3.0 users, brands are finding innovative ways to engage.
Read more about our megatrends research: Insights/megatrends