Experience Economy - Consumer Trend Analysis

Experience Economy - Consumer Trend Analysis

Summary

This report is part of the GlobalData Trend Tracker report series, which analyzes trends GlobalData's top consumer trends for 2022 related to consumer sentiment, lifestyles, attitudes, and behaviors. The report showcases how the trend has evolved during the pandemic, future considerations, and what this means for businesses.

The COVID-19 pandemic has changed the consumption occasions of nearly every consumer sector and channel. Consumers are re-evaluating what are the important elements of the consumer experience looking beyond the product or service itself.

Scope

• During the pandemic, the trend has moved to socially-distanced digital channels, and home-based ‘insperiences’, making affordability a priority.
• The travel and other physical experience limitations that COVID-19 has imposed means consumers are seeking sensory escapism.
• Where economic issues are putting pressure on the trend, technology is offering a cost-effective solution.

• Recognize what has driven the evolution of consumer attitudes so far, and why brands must incorporate Experience Economy attributes and features.
• Identify where the market is going and how consumers react in different categories.
• Access valuable strategic take-outs to assist future decision-making and product development.