The significance of the Experience Economy

Over 20 years ago, B. Joseph Pine II, in collaboration with James H. Gilmore, published the book titled “Experience Economy,” describing the next booming economy to take the consumer market by storm. Fast forward to today, and their argument that businesses need to focus on creating memorable events for their customers is more valid than ever.

You don’t have to look for it to see it either. According to Oberlo, the average US adult spends 2 hours and 55 minutes on their smartphones every day, and digital media accounts for 70% of it. In a generation where everyone, across all age groups, wants to flex for the gram and upload videos of their latest vacation on YouTube, the experience a brand offers its customers is just as important as the value they provide for the money.

This trend doesn’t appear to be going anywhere any time soon, as a study by Harris Group revealed that more than three in four millennials value experiences over owning stuff. We live in a world where the time and means to create exciting memories are more valuable than the things you own. You’re more likely to see a celebrity post about their latest holiday than their brand new mink coat.

Another way to look at why the experience economy is so significant today is through the pain vs value model proposed by Scott Jenson. It simply states that a consumer will obtain a product or service if it outweighs the pain. Services that offer a more immersive experience complete with balloons, music, and a birthday cake are more sought after than those that only deliver baked goods. Why? It’s because it’s easier and more convenient to secure the immersive experience than each product, making the experience more pain-free.

Successful brands of the future will create memories worth remembering for their customers. That’s why GRAFTISM is considered the future of fitness facilities. Anyone can walk into a store or go online and order a new treadmill or a pair of dumbbells. But consumers aren’t only after improving their health. They want the experience of training in an inspiring space, connecting with like-minded people, and learning in an environment that you can share on social media platforms. That experience, more than anything, is the product.

The culture at GRAFTISM is highly immersive and engaging to provide members with community support and encouragement from similar individuals with a similar identity. IHRSA reports that 60% of regular gym members cite social motivation as their primary reason for attending. GRAFTISM is more than a business; it’s a brand for people looking to live a healthier physical and mental lifestyle, develop close bonds, connect with a community that supports them, and have fun while doing it.

Join the GRAFTISM mission and be a game-changer in your area.