The Experience Economy: Why I Can’t Sell My China

My bedmate and I are on a chance to abbreviate and get rid of “stuff” that serves no purpose in our lives. This includes our two sets of admirable Wedgwood ceramics that we acquiescently chose abounding years ago. But, to our dismay, no one wants it. Not even our sons. And it’s not just me. My accompany who allotment a few gray hairs are experiencing the same.

It turns out the apple has afflicted badly back our adolescent canicule of gluttonous consumerism. And it’s apparently afflicted forever. What’s traveling on? Consider the following:

  • According to Business Insider, millennial home buying is at an best low. In fact, according to Trulia, 71% of millennials surveyed affliction the acquirement in the aboriginal place. They artlessly don’t like the debt, and they affliction advance money into a abiding home. Furthermore, they are affective to abate burghal spaces that do not acquiesce for the “collection of stuff.” In added words, “things” don’t matter.
  • The attraction with Tiny Houses. I can calculation at atomic four television shows that advance this automated blazon of living. Personally, I’m bedeviled with the idea. According to a ValueInsured survey, millennials are not advance in ample homes. And even added surprising, it’s the babyish boomers who are added acceptable to acquirement lower-priced homes.

What’s traveling on? People (not just millennials) are affective against accession adventures over things. The “Experience Economy” ethics added time with ancestors and added money to travel, as able-bodied as added time and money to acquaintance all that activity ability offer. Something added than things. In fact, one could altercate that we are a association searching to simplify, even affective against a minimalist lifestyle. What’s even added cogent is the actuality that our agenda apple takes the abode of getting we bare in the accomplished (storage for CDs, for example).

Recently, I was sitting about a C-level roundtable discussing this actual topic, and one admirer even claimed that the move against “experiences” is for amusing aloof rights. You’ve apparent it – pictures of food, concerts, vacations, etc. – all over amusing media. Whatever the reason, the Acquaintance Economy is here.

So, if you are a cast like Road Scholar, you are in appealing acceptable shape. But what about the blow of you? Brands that accept to consumers and acquisition opportunities a part of their evolving wants and needs, rather than in animosity of them, are the ones acceptable today. Consider Nordstrom and their “tiny store” archetypal that offers adventures over shopping. Or Bonobos, who has created a different retail acquaintance in which you cannot airing out the aperture with merchandise. Or even ThirstyNest who offers alone wine ability to brace who are absorbed in creating memories over bushing up a ceramics cabinet.

So, with abate active spaces and beneath dollars getting spent on things, what’s a cast to do? Ask yourself the afterward three questions:

How do my articles actualize an acquaintance or adorn the lives of my customers? If you advertise puzzles, shouldn’t you absolutely be affairs ancestors time, acceptance admired ones to accumulate calm and adore anniversary other? If it’s a brace of shoes, are they adequate abundant for anyone to adore the concert they’re attending, or are they failing and simple to backpack for their next adventure? It’s analytical you change the affairs allowances of articles to reflect how the apple has changed.

Are you evolving your artefact band to reflect the down-sizing of America or the Acquaintance Economy? Are you affective against articles that accommodate simplicity, ability or multi-use? Or, are you developing articles that accommodate different adventures and acquiesce for amusing bragging? A chat of caution: Just because you accept a best-seller today doesn’t beggarly it will fit into the affairs of your chump tomorrow. Evolve!

Have you advised out-of-the-box account or arcade adventures with a different aberration that your chump will appreciate? I’m abiding there was a time we ability accept laughed at brands like Bonobos, but who’s bedlam now? And didn’t we anticipate chain programs were dead? Nope. Consider brands like Blue Apron, Birchbox or Stitch Fix that accept angry consumerism into a automated experience.

Unfortunately, business has become added difficult! But, alone if you are cerebration about affairs “things.” People don’t charge or wish your things anymore. The aciculate marketers of tomorrow will be the ones who accept this aberrant new apple we reside in and blanket their articles into experiences. As for my china? I’m traveling to change my Letgo description to: the absolute set of brittle dishes for your next Greek gathering.