It wasn’t long ago that many companies were doubling down on the “Experience Economy.” There was plenty of money to be made helping people check off items on their bucket list. Seventy-six percent of consumers said they would rather spend their money on experiences than on material items in a 2019 survey by Momentum Worldwide.
But the coronavirus wiped out what we knew of the “Experience Economy” overnight. For obvious reasons, today’s consumers are staying closer to home and avoiding in-person contact with people they don’t know and trust.
We’ve now entered what market research firm IBTM World calls the “virtual experience economy.” Consumers want brands to use technology that not only serves a purpose, like making it easier to order a cup of coffee but new and innovative experiences that are about to take the market by storm…
