A shift towards experientialism by consumers of all ages is creating an imperative for businesses and brands to embrace new technologies
With society shifting towards experiences over material goods, demand is increasing for immersive experiences, resulting in technology being used in new and exciting ways for brands to connect with audiences. New research has found that these experiences are the way to consumers’ hearts, with six-in-ten (60%) believing that experientialism – where large-scale projections, interactive displays, holograms, virtual reality or augmented reality are used – will become the future of events. This is creating a need for businesses to embrace experientialism, in order to better connect with today’s consumers and future-proof themselves for success.
The European research, commissioned by global technology firm Epson, entitled “The Experiential Future”, highlights how important immersive and experiential elements are for the future of events and experiences, hospitality and leisure – not only for 68% of Millennials, but for older survey respondents too. Over half Generation-Zers agree that experience is the future of events, along with 57% of Generation X and 54% of Baby Boomers.
The findings show a clear financial incentive for businesses to deliver on these expectations – given that 57% of Millennials agree that they would be prepared to pay more for a ticket with an experiential element, followed by 53% of Generation Z, 37% of Generation X and 17% of Baby Boomers.
Experientialism will be crucial for venues and hospitality businesses, not just to attract new consumers, but also to encourage repeat visits. Nearly two-thirds of Millennials would revisit an experiential event, as well as nearly half of Generation X and Z and Baby Boomers – demonstrating that experiential technologies help drive customer engagement for return visits.
“New technologies are drastically changing the way that brands engage, entertain and communicate with their audiences. Our research creates a strong call to action for businesses and attractions to focus on including experiential elements for consumers. Otherwise they risk alienating and losing customers, who could turn to competitor brands and other events in their hunt for superior experiences,” comments Neil Colquhoun, Vice President CISMEA and Professional Displays, Epson Europe B.V.