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GlobalData Plc: Escapism Among Major Factors Fueling Experience Economy Trend

Written by Customer Service on . Posted in Public Companies.

Experience Economy is heavily driven by consumers’ desire to escape the limitations of the pandemic

LONDON, June 01, 2022 (GLOBE NEWSWIRE) — The pandemic has shifted the value and channels associated with the experience economy trend. In recent years consumers have prioritized experiences over products, but before the pandemic, these were characterized by premium, in-person events, and gatherings. COVID-19 has obliged consumers and businesses to re-evaluate what is important to the consumer experience. The travel and other physical experience limitations that COVID-19 has imposed have led consumers to seek sensory escapism. Where economic issues are putting pressure on the trend, technology is offering a cost-effective solution.

The Experience Economy market research report offered by GlobalData Plc provides the consumer trend analysis of the experience economy.

Key Factors Driving Experience Economy Trend

  • Escapism
  • Technology and Digital Lifestyles
  • Rejection Of Mass Production/Consumption
  • Pre-COVID Nostalgia

Because of technological innovation, consumers can have more enhanced experiences through the use of tools such as Artificial Intelligence (AI) and Augmented/Virtual Reality (AR/VR).

To know more about key factors driving and inhibiting the experience economy trend, download a free report sample

Key Sensory-Driven Categories in Experience Economy

  • Food
  • Non-Alcoholic Drinks
  • Alcoholic drinks
  • Personal care
  • Household care
  • Petcare
  • Tobacco and e-cigarettes
  • Foodservice
  • Retail

Food has the capacity to be highly personalized and authentic, experiencing renewed focus for consumers during the pandemic seeking escapism.

For more insights on major sensory-driven categories of experience economy trend, download a free report sample

Key Players Associated with Experience Economy

  • Rockstar
  • Bacardi
  • Olika
  • Neutrogena
  • Fenty
  • Domino’s
  • Smashburger
  • Alepa
  • Tesco

To know more about experience economy related innovations in various sectors, download a free report sample

Experience Economy Market Overview

Key Sensory-Driven CategoriesFood, Non-Alcoholic Drinks, Alcoholic Drinks, Personal Care, Household Care, Petcare, Tobacco and E-Cigarettes, Foodservice, and Retail
Key FactorsEscapism, Technology and Digital Lifestyles, Rejection of Mass Production/Consumption, and Pre-COVID Nostalgia
Key PlayersRockstar, Bacardi, Olika, Neutrogena, Fenty, Domino’s, Smashburger, Alepa, and Tesco

Reasons to Buy

  • 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.

FAQs

What are the key sensory–driven categories in the experience economy?
The key sensory-driven categories in the experience economy are food, non-alcoholic drinks, alcoholic drinks, personal care, household care, petcare, tobacco and e-cigarettes, food service, and retail.

What are the key factors driving the experience economy trend?
The key factors driving the experience economy trend are escapism, technology, and digital lifestyles, rejection of mass production/consumption, and pre-COVID nostalgia.

Who are the key players associated with experience economy trends?
The key players associated with the experience economy trend are Rockstar, Bacardi, Olika, Neutrogena, Fenty, Domino’s, Smashburger, Alepa, and Tesco.

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About us

GlobalData is a leading provider of data, analytics, and insights on the world’s largest industries. In an increasingly fast-moving, complex, and uncertain world, it has never been harder for organizations and decision makers to predict and navigate the future. This is why GlobalData’s mission is to help our clients to decode the future and profit from faster, more informed decisions. As a leading information services company, thousands of clients rely on GlobalData for trusted, timely, and actionable intelligence. Our solutions are designed to provide a daily edge to professionals within corporations, financial institutions, professional services, and government agencies.

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GlobalData

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