Consumers are prioritising experiences over things. They engage directly with a product or service and in return, they receive an enhanced and unique interaction with the brand. Consumers are seeking out authentic experiences that suit their individual tastes, preferences and lifestyles.
The Experience Economy
There is a fundamental shift in consumer values towards experiences that bring happiness and well-being. Spending on things like travel, leisure and food service is predicted to rise to US$8.0 trillion by 2030.
The ‘Experience More’ trend goes further than this though. As well as prioritising experiences over possessions, consumers are also more demanding of experience in the path to purchase. The trend is impacting across sectors, from the value placed on the dine-in experience in consumer foodservice, and the importance of the shopping experience in the retail sector, through to the priority some consumers give to experiences such as holidays over purchasing the latest TV or fashion.
Harnessing the power of the senses can also transform the most mundane products into an amazing experience. Creating affordable, natural and inclusive brand experiences, which do not cost the earth, add value and pique consumers’ interest.
Opportunity for businesses
Those at the frontline, such as retailer and restaurateurs are tackling this trend head on by placing more emphasis on the consumer experience as a vehicle for boosting sales and margins. This includes creating a more intimate experience with consumers, providing a seamless shopping environment whether online or in-store and personalising their offering.
Magnum has embraced this trend. For the past three years, Magnum has run a “Make Your Own” pop-up store in London, which allows shoppers to create a Magnum ice cream bar according to their own preferences. Magnum puts a lot of emphasis on shareability, encouraging shoppers to use the #MagnumLDN hashtag. This lets shoppers become part of the production process of a bespoke, yet familiar, product. While anyone can buy a Magnum in the store, the pop-up concept ensures that consumers have a more immersive and exclusive experience.
For more information on how to conduct megatrend analysis for your business and the top 8 megatrends that will have the most impact on your business, download our white paper Megatrend Analysis: Putting the Consumer at the Heart of Business.