Hidden in Plain Sight: The new experience market
Products and services are becoming increasingly interchangeable with ‘experiences’ emerging as consumer products. Presently difficult to measure, there are no explicit figures from the UK experience industries. Nevertheless, we can glance at the creative industries as they encompass many of the experience sectors. In January 2016, the British Government stated the ‘GVA of the Creative Industries was £84.1bn in 2014 and accounted for 5.2 per cent of the UK economy’. A substantial figure, yet the value within sales of meaningful experiences can additionally produce social value to the consumer, leading to novel commercial, economic and societal value considerations.
Adapting to these new ‘market’ conditions within the emerging experience economy is presently under researched. This study begins to answer the call for investigation into the organisation required when creating a successful world of experience. A critical literature review, and UK case studies on two iconic visitor attractions were conducted. The results are insights offering new knowledge for those practitioners operating within the experience sector.