Experience economy

Okay, let me explain the experience economy to you like you are five years old.

So, imagine you have two options to spend your money. You can either buy a toy from a store, or you could go to a theme park with your family. Both of these options will cost you money, but they are two different kinds of experiences.

The first option is just a thing that you can play with, but the second option is an experience that you will remember forever. Going to a theme park is not just about buying a ticket and riding a roller coaster. It's about having fun with your family, trying new things, and enjoying the whole experience.

So, the experience economy is all about selling experiences instead of just selling things. Companies that focus on the experience economy are in the business of creating memorable experiences for their customers. They want to make sure that their customers have a great time and enjoy the whole experience, not just the end product.

For example, if you go to a restaurant, it's not just about the food. It's also about the atmosphere, the service, and the overall experience. A restaurant that focuses on the experience economy might have a cool theme, friendly waitstaff, and unique dishes that you won't find anywhere else.

In the experience economy, the goal is to create a lasting memory for the customer. When you go to a theme park, you might remember the rides or the food, but you will also remember the laughter and fun you had with your family. In the end, experiences create emotional connections that last far beyond the purchase or the activity itself.