Opinion: Retailers must embrace the experience economy lifeline

Richard Hurd Wood

The retail sector hasn’t exactly entered the decade on a high.

News that sales decreased by 0.1% last year has left retailers feeling rather gloomy about their prospects, and criticism is being levelled at the industry’s slow response to shifting consumer preferences.

Consumers are hungry for experiences, not things. They want to feel fulfilled by their purchases, and simply buying and owning stuff is not cutting it anymore. The science behind it is simple – regardless of economic uncertainty, we can find happiness and status in experiences. Especially those that align with our values and interests.

And issues relating to fast fashion and throwaway gifts aren’t always taking priority for businesses. We’re living in the era of the eco-conscious consumer, yet retailers are struggling to keep pace with heightening consumer demand for more sustainable products.

Subscription content

Please sign in now if you have a subscription or are already registered with us.

Retail Week

Register for free to continue reading

Retail-Week.com provides premium, in-depth intelligence that helps retailers judge risks, spot opportunities and identify what they need to do to win in the digital economy.

Register today for a taste of our high-quality intelligence and enjoy:

  • 3 free articles a month on Retail-Week.com
  • Detailed analysis of current trends and events 
  • Exclusive newsletters
  • In-depth reports, videos, interviews and much more

Discover Retail Week register now

Please note, if you have recently purchased a subscription, it may take a few minutes before your account is updated.