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Experience More for Less

June 2022

Experience More is transforming in the current climate due to inflationary pressures eating into consumers’ discretionary spending, yet the desire for experiences regardless of channel – in real life or the metaverse – remains unabated. Brands are adopting a ‘less is more’ approach, with no-frills, removing filters, reducing choice and knocking down barriers to ensure that brand experiences are inclusive and appealing to all, opening up new opportunities to forge long lasting connections.

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Key Findings

Less money to burn

Consumers and brands are facing a perfect storm, as inflation surges, exacerbated by the war in Ukraine leading to rising food and energy prices resulting in less money available for discretionary items. The Experience More megatrend is transforming and adapting to these pressures whilst ready to capitalise on unprecedented pent-up demand in play post-pandemic.  

Living with less

Despite belts tightening, the desire for experiences remains unabated, with more interest in virtual experiences, whilst #IRL continues to appeal. Living it with less means less money, but also less standard or less barriers. The metaverse is opening up opportunities for brands to creatively explore, breaking down silos and price points to reach younger consumers. 

Product no-frills

Product 3.0 is the new improved product, embracing technology like AR/VR to weave in immersive storytelling to even the most banal of products. It’s about narrowing the focus, eliminating choice and ditching frills and gimmicks to double down on core product values and benefits, all with one eye on the net zero emissions transition.c

Enduring connection

To counter the scourge of brand disloyalty, creating a shared community is an effective way of empowering consumers to share their experiences, whilst deepening the connection with them. Next gen technology like 6G will remove ever more layers of friction for constant connection with consumers in a hyperconnected world.

Less is more

The current climate is challenging where change is constant, however, consumers continue to seek to quality, unique brand experiences, so brands should stand firm in the face of escalating inflationary pressures and deliver more for less. Less does not equate with poor quality but rather serves up an enriching experience that creates an emotional, long-lasting bond. 

Scope
Key findings
Experience More defined for the post-pandemic world
Less is more when it comes to experience
Inflation surge puts pressure on consumers’ ability to spend on discretionary experiences
Rising costs weaken impact willingness to undertake travel experiences
In-person experiences still resonate whilst consumers throw caution to the wind
Strong pent-up demand drives future spending for now
Brands face additional operational challenges in meeting high demand
Whether experiencing first-hand in real life or the metaverse, it’s about living it with less
Pent-up demand snaps back but collides with high prices and potential recession
Less money - Ariana Grande headlines Fortnite’s Rift Tour in the metaverse
Less money - Cineplex lures consumers back to #IRL with affordable subscription model
Less standard - IKEA tests concept to encourage consumers to linger and be creative
Less barriers - teamLab creates multi-sensory immersive museum experience
Less fear - hospital virtually transports young patients back to their homes
Elevated product thanks to immersion, enhanced features or positive change
Virtual activities and experiences garner greater consumer interest
AR/VR becomes second nature for younger cohorts
Less barriers - Nike partnered with Roblox to build its own immersive Nikeland metaverse
Less filters - Treasury Wine Estates targets Millenials with AR experience
Less choice – Ooni pizza ovens take the world by storm with few models
Less climate impact - Feel the Peel circular juice bar with less negative impact
Less stigma - War Paint for Men: world’s first make-up store for men calls for inclusion
Moving from the ephemeral in the moment to having a positive lasting impression
Less frills – Glossier’s back to basics, successful community platform
Less barriers - Zepeto’s appeal to young female demonstrates potential
Less money – Obé Fitness shows that ‘less’ can be more fun
Less friction - Meta and Ray-Ban Stories smartglasses transport to the metaverse
Less sheds its negative connotations and offers up the chance of ‘more’
Experience More adapts and transforms with the times
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