Experiential economy: The new way of life in the modern world

Pages: 265-268
Subhendu Bhattacharya and Sona Raghuvanshi (Amity Global Business School, Mumbai, Maharashtra)

Emergence of experience can be traced back to the end of 20th century which was propelled by service sector boom and industries competed to provide incremental value oriented services to attain customer satisfaction. The trend has got a new dimension in recent time. New millennial are having a different outlook towards life which is significantly different from their predecessors. Millennial are born and brought up in an environment where technological advancements were perceptible in every sphere of activity. They are well versed in computer application and plethora of privileges offered by digitally connected world. This generation is more tech savvy, socially connected and image conscious. Millennial do not prefer to be stuck-up in stereotype routine job. Gathering experience is more appealing than stockpiling material possessions. They are not happy with settling down and going through the daily rigor of sedentary life. It is more exhilarating for millennial to explore places and share with friends and close associates. Dynamic life is more meaningful and joyous compared to static life which is labeled as boring and outdated by them. This culture is gaining momentum where millennial are taking the lead and establishing as new trend. They believe that life is one chance and they want to make the most of it by experiencing intangible factors more ardently. Experiential economy has bright future prospect because of technological influence. It is feasible because travelling to hotel booking, to hiring a cab, navigating the location, pursuing online courses in virtual institute is fast and easy without any time restriction. Technological boom has brought tremendous opportunities of customized services which are flexible and facilitating for modern existence.