Consumption is no longer purely the end goal
In We Know Experiences, Momentum Worldwide’s recent global research study, we uncovered a huge expectation and desire for brands to step into the vacuum. Addressing issues like stress, meaningful family time and escapism; some 86% of our respondents want brands to step in and help lift their mood whilst over 84% look to brands to help bring their families together to create memories.
Regardless of whether you are spending your pound or euro, the Experience Economy is growing and innovating faster than ever. The opportunities, and also the risks, are greater than before. The power of experience has become an economy in its own right. A major multibillion-dollar player in the global economic and cultural fabric of society and one that brands ignore at their peril.
Consumption is no longer purely the end goal. Participation, co-creation, and experience with purpose are just some of the key pillars of the experience economy. Even hard-bitten investors like Larry Fink, Chairman & CEO of Blackrock, are pushing companies, with Fink recently stating, “Every company must not only deliver financial performance but also show how it makes a positive contribution to society. Without a sense of purpose, no company, either public or private, can achieve its full potential”.
Experiences that give back to society
That purpose, that need to contribute to, and be seen to contribute to, society is experience led. Brands like McDonald’s and Nike have embraced this in their approach and are creating powerful experience led campaigns that go way beyond product and instead focus on what they give back to society.
McDonald’s is currently leading with its emotive ‘Thankyou’ charity spot extolling the support its consumers have given to building hospital and family housing. Last year we saw ‘Nike Church’ open its doors, turning a disused place of worship into a fully-fledged basketball haven to take kids off the dangerous, crime-filled Chicago streets.
From the omni-experiences of Secret Cinema to the escapist tech driven experiences like Lockheed Martin’s Field Trip to Mars, brands are stepping up and consumers are responding in their billions. Enjoying more, spending more, escaping more.
Whilst the UK agonised over the merits and risks of Huawei and 5G tech infrastructure, Verizon meanwhile gave us a glimpse of the potential of 5G in transforming the way we consume and enjoy sports. Its super dome fan experience build out in Miami at the Super Bowl was on a new scale to any of its previous incarnations and looked to inspire both fans, families, its partners and the sport itself to the possibilities of tech led sport experiences.