Tapping the power of consumer experiences

Beyond the pursuit of materialism and products lies a different kind of economy – one based on experiences and other intangible rewards. One of the greatest adaptations we have seen to the crises of recent years is a rise in the experience economy and a growing trend towards a life enriched with personal moments – not just material goods.

In our Consumer Life research, Enjoying Life as a personal value has risen in rank globally from 13^th in 1997 to 5^th in 2017, and it has held constant through the turmoil of COVID-19. This value has grown in important primarily among older cohorts -- ages 25 and above.

This resonates with our findings about work and a growing desire to find a better balance between hard work and true enjoyment. So how is that happening? Consumers more and more are getting out and connecting with a natural world – and they are also traveling again. US air travel is back to pre-pandemic levels, with global air travel at about ¾ of where we stood. And people are treating themselves to small indulgences – things as simple as lipstick.

Opportunity spaces to watch

Define your indulgence strategy
Every company really has an opportunity to think about how they can deliver small indulgences and other positive experiences for consumers. Offer people ways to treat themselves affordably. Think about what is your lipstick – how you can help consumers relax and reward themselves without feeling pinched in the pocketbook.

Focus on the experience
How can you play up the experience of using your product or service? Does it bring families together through cooking? Or help people discover new talents? This area will only grow as a priority for brands of every kind.