Experience economy: What customers pay for

There was a time a business could win a customer with a good product and fair price. That still matters, but no longer decides the contest on its own. Today, the businesses pulling ahead are those that have understood a quieter shift in what people actually want: not just to buy something, but to feel something while they buy it.

This is the logic of the experience economy. Consumers increasingly place a premium on experiences over transactions. A meal is no longer just a meal if the restaurant has turned dinner into a live jazz evening. A gym membership is no longer just access to equipment if it comes with a community of people who show up for one another other.