The Perfect (Experiential) Storm: Why "experience" is the new black

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Jeff Yang, SVP of The Futures Company and columnist for the Wall Street Journal Online, on why "experience" has moved to the center of the consumer universe. Follow him on Twitter at @originalspin.

Link to video of the live presentation: http://www.youtube.com/watch?v=ajEJBbK3Ah4

Published in: Business, Economy & Finance
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The Perfect (Experiential) Storm: Why "experience" is the new black

  1. 1. The Futures Company 2012 © ‫׀‬ 1 How “experience” ! became the new black
  2. 2. The Futures Company 2012 © ‫׀‬ 1 The Futures Company is the world’s leading foresight and innovation consultancy. We combine best-of-breed quantitative and qualitative datastreams, a 35-country global intelligence network and a unique set of proprietary frameworks and methodologies to unlock new sources " of growth for our clients.
  3. 3. The Futures Company 2012 © ‫׀‬ 2 Jeff Yang is The Futures Company's head of multicultural insights, overseeing Mticultural MONITOR — TFC’s category- leading insights service focused on America's dynamic ethnic consumer markets — and leading the delivery of custom consulting solutions that track and translate consumer attitudes and behaviors across the African American, Asian American and Hispanic communities. As a senior vice president in TFC’s Trends & Futures group, he provides strategic consulting in technology and media, exploring the current landscapes and emerging shifts in devices, services and content creation and distribution. He writes Tao Jones, a regular column for The Wall Street Journal Online (blogs.wsj.com/speakeasy/tag/tao-jones/), and can be found on Twitter at @originalspin.
  4. 4. The Futures Company 2012 © ‫׀‬ 2 The slogan of the ’80s Brands. Possessions. Things.
  5. 5. The Futures Company 2012 © ‫׀‬ 3 The slogan of the ’10s Memories. Sensations. Experiences.
  6. 6. The Futures Company 2012 © ‫׀‬ 4 72% of Americans would rather spend money ! on “experiences” than “things”
  7. 7. The Futures Company 2012 © ‫׀‬ 5 SOCIAL TECHNOLOGICAL ECONOMIC ENVIRONMENTAL POLITICAL DESIRE FOR EXPERIENCE a perfect STEEP storm
  8. 8. The Futures Company 2012 © ‫׀‬ 6 Social The Rise of the Millennials
  9. 9. The Futures Company 2012 © ‫׀‬ 7 95 million strong Largest generation in history $900 billion in buying power 62% say it is important to find excitement and sensation in life (vs. 49% of Gen Xers) 43% say it is important to satisfy hunger for new experiences (vs. 34% of Gen Xers)
  10. 10. The Futures Company 2012 © ‫׀‬ 8 Social The Multiculturalization of America
  11. 11. The Futures Company 2012 © ‫׀‬ 9 Four in 10 Americans are nonwhite (by 2042, 51%) $1.3 trillion in buying power Novelty seekers: 46% say it is important to stretch yourself ! to try new things (vs. 33% of whites) Early adopters: ! 36% say they tend to buy products with the latest innovations as soon as they come out (vs. 20% of whites)
  12. 12. The Futures Company 2012 © ‫׀‬ 10 Technological The Mainstreaming of Immersive Interfaces
  13. 13. The Futures Company 2012 © ‫׀‬ 11 62% of American kids aged 5-8 have used an iPhone 4 in 10 American kids under age 4 and over half ! of kids aged 5-8 have used ! an iPad
  14. 14. The Futures Company 2012 © ‫׀‬ 12
  15. 15. The Futures Company 2012 © ‫׀‬ 13 Economic The Push for Disownership
  16. 16. The Futures Company 2012 © ‫׀‬ 14 52% of Americans have chosen to rent, borrow, or lease items instead of buy them in the past two years. 49% plan to “disown” traditionally-owned items in the next two years.
  17. 17. The Futures Company 2012 © ‫׀‬ 15 Environment The Drive for Sustainability
  18. 18. The Futures Company 2012 © ‫׀‬ 16 Two-thirds of global consumers say they prefer to buy companies that practice social responsbility. Nearly half (46%) say they are willing to pay more for products and services from these companies.
  19. 19. The Futures Company 2012 © ‫׀‬ 17 Political The Search for Inspiration
  20. 20. The Futures Company 2012 © ‫׀‬ 18 In 2008, 54% of Obama ! voters were "very enthusiastic." Only 17% of McCain voters felt that way. In 2012, 3 of 4 Obama supporters said their vote was for him; 23% said they voted against Romney.
  21. 21. The Futures Company 2012 © ‫׀‬ 19 !  Do sweat the details !  Tell stories. Make memories. !  Help them believe in magic !  Surprise and overdeliver !  Remember: ! Consumers remember
  22. 22. The Futures Company 2012 © ‫׀‬ 20 Thank you. Jeff Yang, SVP, The Futures Company jeff.yang@thefuturescompany.com Twitter: @Originalspin

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