The Experience Economy Moves Back Home
Spending more money and time on vacations than any other generation, Millennials in particular have embraced the experience economy. In a 1998 Harvard Business Review article, B. Joseph Pine II and James H. Gilmore coined the term the experience economy. It described a rising consumer trend: a desire to spend money on experiences rather than goods.
It got to the point that New York Times writer Guy Trebay worried dinner parties would become a thing of the past. “The seated dinner, with its minuet of invitation and acceptance, its formalities and protocols, its culinary and dietary challenges, its inherent requirements of guest and host alike is under threat,” he wrote.
Reviving the dinner party — and with it the broader notion of seeing one’s home as a source of entertainment — would require an extraordinary act of nature, something powerful enough to upend a lifestyle adopted and adored by tens of millions of people. That act came in the form of a novel coronavirus. When COVID-19 made going out too dangerous, the experience economy moved back home.
Which is why we wanted to write the eBook. The country now looks to home & bedding companies to boost its comfort levels and brighten its personal spaces; with the right strategies in place you can live up to consumer’s expectations.