Brits place increased value in the Experience Economy

Consumers are moving away from convenience and commoditised goods, and instead seeking out more memorable experiences, the latest research commissioned by fintech provider, Dojo, reveals.

Alongside the motivations and expectations amongst consumers, Dojo’s Experience Economy Report revealed that Brits aren’t the nation of complainers we think, with almost just as many (72%) ready to tout about their positive experiences as they would about the fails (74%).

For more than half of consumers (58%) COVID has made them realise how much they missed the experience of being ‘out’. With heading to the cinema and sitting in restaurants cited as two key destinations of note. However, the report also showed that this is not short-term hype caused by restrictions starting to ease. There appears to be a categorical shift taking place on the high street, with consumers willing to spend more of their income on this part of the economy, even when compared to pre-pandemic spending trends.

When it comes to the experience Brits are looking for, offering a strong customer service was cited as more important than the atmosphere and price. In addition, consumers wanted to feel acknowledged with over half (56%) saying if their feedback was acted on, this would be a strong incentive to return.

However, creating and delivering on a good experience is not solely about the customer service. An overwhelming 78% of those surveyed mentioned that a loyalty scheme that rewarded custom would make them return. In addition, personal preferences were also a big factor. When considering their favourite place, and the main reason consumers liked it, the report showed the top three reasons were that they really cared about their customers (40%), had clear principles (18%) and brought the community together (18%).

“This latest data shows that as we start to emerge from restrictions and lockdowns, consumer behaviours are shifting at pace. Spending on the high street is no longer about time saved, but time well spent.  Brits are eager to head back to experiencing the high street in-person, and it’s the small things that will keep them coming back. Consumers want to feel heard and understood,”

Jon Knott, Head of Customer Insight at Dojo

“The experience economy is here. It’s where a memorable face to face experience is a competitive differentiator, and it will see service-led experience businesses thrive as a result,” Knott concluded.

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