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.
This report comes in PPT.
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.
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 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
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.
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.
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