The first bakery is a plain store

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Imagine this: I’m looking to buy a cupcake for dessert and I find myself standing in front of two bakeries both of which sell quality products.  With cupcakes lined up behind a small shelf. Its prices are the cheapest on the street. Customers line up, pay for their cupcake and leave. The second bakery is much more expensive. It’s decorated in colorful colors. Music is playing and small tables are set up around the room in case you want to enjoy the cupcake right there. There’s even a hashtag on the wall .

In case you want to share a photo of your sweet purchase Bahamas WhatsApp Number with the world. Which would you pick? You might immediately say, “the first one, of course!” After all, it tastes as good as the cupcakes in the second store and it’s cheaper. But research shows that more people will, in fact, pick the second store. This is the experience economy. Whose Fault Is This Anyway? The term has been around for a while. Since 1998, in fact, when it was coined by B. Joseph Pine II and James H. Gilmore in their book on the same topic.




It basically highlights the fact that consumer purchasing is nowadays more influenced by the experiences provided by the brand, not just the product itself. The experience economy came about through a perfect storm. Today, millennials form the largest purchasing group, and are consequently targeted by nearly every business. But millennials are also plagued with job insecurity and soaring housing prices around the world, which means most of them have no hope of ever owning their own.