2018-特别洞察报告“体验经济”（英文版）

NAB SPECIAL INSIGHT REPORT: THE 'EXPERIENCE ECONOMY'

Core Content

This report by NAB explores the concept of the 'Experience Economy' and how it is reshaping consumer behavior in Australia. It highlights the shift from purchasing goods to engaging in experiences, driven by the digital age and the growing influence of social media. The report is based on survey data from over 2,000 Australians, examining their experiences with various sectors, including leisure, entertainment, food, and retail.

Main Points

The Experience Economy

• The term was first introduced in a 1998 Harvard Business Review article by Pine and Gilmore, predicting a new economic era where experiences would become a key differentiator.
• The experience economy is characterised by consumers spending more on doing things than buying things, with experiences being seen as more memorable and emotionally engaging.
• Businesses are now expected to deliver not just products or services, but unique and meaningful experiences that create lasting impressions.

Consumer Behavior Shift

• Australians are spending less on buying things and more on doing things, such as dining out, attending movies, and going on holidays.
• Social media plays a significant role in this shift, as consumers are more likely to share experiences than purchases.
• Millennials are leading the shift towards the experience economy, with a stronger preference for experiences over material goods.

Leisure & Entertainment Experiences

• Restaurants, cinemas, and holidays (both local and overseas) are the most positively rated experiences.
• Participating in sporting events, theme parks, and international sporting events are the least positively rated.
• Women generally rate their experiences more positively than men, except for sporting events and live performances.
• Younger Australians (18-29) are more likely to engage with and positively rate experiences such as sporting events and live concerts.

Shopping Experiences

• Physical retail stores remain popular, with discount department stores, major supermarket chains, discount chemists, and supermarket chains being the top-rated formats.
• Online marketplaces (e.g., Amazon, eBay) are also highly rated, but traditional and discount retail formats are still the most visited.
• Warehouse stores, traditional travel agents, and department stores are the least positively rated shopping experiences.
• Men are more likely to visit physical and online stores than women, except for discount department stores, chemists, and supermarket chains.
• Over 50s are more likely to visit all types of shopping stores than younger age groups.

What Consumers Value Most in Physical Retail Stores

• Good value for money is the top priority for consumers, with over 54% of respondents citing it as the most important factor.
• Convenient location, friendly and knowledgeable staff, lowest prices, and variety are also highly valued.
• Entertainment, store layout, bespoke products, and personalisation are not as highly valued.
• Only 5% of Australians prefer to shop online, and 7% desire an 'omni-channel' experience.

Key Retailers That Meet Consumer Expectations

• The most frequently mentioned retailers that meet consumer expectations include Kmart, Woolworths, Coles, Myer, JB Hi Fi, Target, Aldi, Big W, David Jones, Bunnings, Harvey Norman, Chemist Warehouse, and IGA.
• These retailers are often traditional and not in the discount format, suggesting that while discount stores are popular, they are not the only ones meeting consumer needs.

Conclusion

The 'Experience Economy' is a significant trend in modern consumer behavior, with Australians increasingly valuing experiences over goods. While physical retail stores are still a dominant format, the digital shift has introduced new ways for businesses to engage with customers. The report underscores that the quality of the customer experience is measurable and that businesses that deliver on this promise are more likely to succeed in terms of customer satisfaction, loyalty, and sales.

Key Takeaways

• Experience economy is driven by the digital age and social media.
• Leisure and entertainment are leading sectors benefiting from this shift.
• Restaurants, movies, and holidays are the most positively rated experiences.
• Physical stores are still preferred by most Australians, especially discount and supermarket chains.
• Online marketplaces are gaining traction but still lag behind traditional formats in terms of popularity.
• Value for money is the top consumer priority in physical retail, followed by convenience and staff friendliness.
• Social media sharing is more common for experiences than for purchases.
• Millennials and young Australians are more inclined to engage with and share experiences.

Authors

• Alan Oster - Group Chief Economist

  • Email: Alan.Oster@nab.com.au
  • Phone: +613 8634 2927

• Dean Pearson - Head of Behavioural & Industry Economics

  • Email: Dean.Pearson@nab.com.au
  • Phone: +613 8634 2331

• Robert De Iure - Senior Economist - Behavioural & Industry Economics

  • Email: Robert.De.lure@nab.com.au
  • Phone: +613 8634 4611

• Brien McDonald - Senior Economist - Behavioural & Industry Economics

  • Email: Brien.McDonald@nab.com.au
  • Phone: +613 8634 3837

• Steven Wu - Economist - Behavioural & Industry Economics

  • Email: Steven.A.Wu@nab.com.au
  • Phone: +613 9208 2929