A group of people sitting in chairs with laptops and a cafe in the background.

What is The Experience Economy?

A cinema with a neon lit window

Photo by Myke Simon on Unsplash

Even though the UK economy appears to be heading towards a recession, recent research suggests that UK consumers are still looking to go out for experiences as an escape from harsh times.

Studies have shown that experience makes us happier than goods. Ever since Covid restrictions began to be lifted the experience economy has enjoyed a resurgence as people get back to socialising and travel. Even the percentage of customers who now expect experience to be a part of retail has also risen.

What is The Experience Economy?

The Experience Economy is defined as the sale of memorable experiences to customers. The memory of the experience is the product, and therefore can be marketed as a ‘thing’. Perhaps this is most easily seen in the hospitality and retail sector.

When you visit a restaurant for example, you are not just buying a meal. You are also buying the unique design of the place, the type of music playing, the service you receive. In other words, you’re buying an experience.

 

A restaurant with tables and chairs and hanging lights. Plants along the side

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Do we enjoy the gift shop after a visit to an attraction so much because we are buying a piece of memory?

The Workplace and Experience

It is only to be expected that employees are also looking for something more from their workplace. They want to experience social events and feel part of a community, their health and wellbeing considered and have the high-tech equipment that allows them to perform their job to the best of their ability.

This desire for positive experience in the workplace is probably one of the reasons co-working spaces are so appealing and popular. They are the perfect venue to experience community and collaboration as well as a chance to learn from others in different careers.

A group of people sitting in chairs with laptops and a cafe in the background.

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Although experience and customer service are not the same thing it is important to remember that each interaction between a brand and their customers is an experience which you will want to ensure is a positive one. And customers are now expecting their interactions to be more personal. By thinking about what meaning and memories your customers are going to be taking away from their time with your brand or product you can take the opportunity to connect with them and ensure they are satisfied and keen to return,

With over 20,000 available commercial property listings we expect that your experience of searching on NovaLoca will lead you to discovering the property that is just right for you.

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