The Experience Economy, Explained
Photo by Vincentiu Solomon on Unsplash
To understand the experience economy, it is important to first understand how it relates to previous economies.
This can perhaps be exemplified by the evolution of birthday cake. In an agrarian economy, birthday cakes were made from scratch using individual and locally-sourced ingredients. In this economy, ingredients cost mere pennies, with a completed cake costing perhaps a dollar or less. It was the ultimate DIY economy.