Ken research has announced its recent publication on ‘Trend sight analysis :Exeperience economy’. The report provides an comprehensive overview on the recently emerging experience economy. This report examines what Experience Economy means as a consumer trend and why it is important, who is likely to be the target audience, how FMCG brands can best capitalize on the trend, and what the future outlook for the trend will be, It further compares the presence of this trend in each industry across the FMCG space, and analyses the key opportunities.
The entire economic progress of the world can be divided into four stages- agrarian economy, industrial economy , service economy and now the recently emerging experience economy. Today , the customers are increasingly demanding experiences and hence more and more businesses are responding by explicitly designing and promoting them. This term was first coined by B. Joseph Pine II and James H. Gilmore, in a 1998 article titled “The Experience Economy”. According to them business must make memorable events for the customers and then the memory itself becomes a product i.e. the experience . Now a days, the service economy agents wrap certain experiences around the old products to sell it better. An experience thus takes place, when a company intentionally uses goods as props and services as the stage so that their customers engage in a way that creates a memorable event. Just as Commodities are fungible, goods tangible, services intangible , the experiences are memorable.
Experience Economy is a trend with growth prospects across almost all FMCG categories, including but not limited to Food, Alcoholic Drinks and Cosmetics & Toiletries. It reflects consumer desire for more immersive consumption experiences, and stems from consumer dissatisfaction with the nature and context of everyday consumption.Brands must do more to attract consumers by building experiences or moments into products, and allowing consumers to experience products in unique, highly personalized ways.
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Ankur Gupta, Head Marketing & Communications