The “Experience Economy”

Let’s say Amazon, Walmart and a few other competitors provide 90% of retail shopping in future.

What’s left for entrepreneurs?

Mike Elgin talked about the “Experience Economy” on TWIG (This Week in Google)

The term Experience Economy was first used in a 1998 article by B. Joseph Pine II and James H. Gilmore describing the experience economy as the next economy following the agrarian economy, the industrial economy, and the most recent service economy. The concept had been previously researched by many authors. …

An early example is the book of Alvin Toffler, Future Shock, which Pine and Gilmore quote in their work.

In 1971, Toffler criticized how “economists have great difficulty imagining alternatives to communism and capitalism”, and how they could only envision the economy in the terms of scarcity of resources. He talked about the upcoming “experiential industry”, in which people in the “future”, would be willing to allocate high percentages of their salaries to live amazing experiences.

Mike feels selfies are driving the Experience Economy today. Instagram and social media.

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Published by

Rick Mc

Career gymnastics coach who loves the outdoors, and the internet.

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