How businesses can try something new in the experience economy, by James Marchant, Co-Founder and CEO of Just Opened.
There’s a new disruptive influence in town which is giving rise to more immersive and intimate lifestyle choices – welcome to the experience economy.
Whether individuals are flocking to bars, restaurants, or theatres, spending across the experience economy is rising by as much as 9% year-on-year, particularly amongst the culturally curious and affluent income groups. It's not just in the UK where lifestyle is taking precedence over possessions. At Just Opened Group we’ve identified that consumers around the world, including New York, Singapore, and Sydney, are embracing experiences and are enthusiastic to try out the hottest new openings, discovering something new and different.
Put down to the popularity and influence of social media, allowing users to share and compare their latest experiences, this economy is expected to grow and expand as consumers continue to look for the next big thing. For this reason, it’s important for businesses to capitalise on such a growing and vibrant economy. By having the below tips front of mind, lifestyle businesses will be better placed to tap into the array of experiences which consumers now crave.
- Stay connected
- Keep it interesting
- Become a digitally native business
- Be aware of market trends
Over the years, consumers’ priorities have changed as lifestyle choices become more accessible. The dining out culture has become less formal, with casual dining experiences and speakeasy type places coming to the fore. People now have a broader and indeed more relaxed way of spending their money. Resulting in a wealth of opportunities for lifestyle businesses, not just because of the rise in social media and connectivity but the number of open-minded individuals who want to spend their hard-earned money on memories they can treasure. The experience economy and the businesses which are part of it can certainly expect a buoyant and action packed filled year.