The evolution of the Chinese market can be roughly understood as an agricultural economy, an industrial society, a commercial society, and then an experience economy
Agrarian economy: from the beginning of the founding of the People's Republic of China to the beginning of the 80s of the 20th century. During this period, China's economic development was dominated by agriculture, and the industrial and service industries were in a relatively weak position.
Industrial society: early 80s to late 90s of the 20th century. China began to implement the policy of reform and opening up, and industrial production and manufacturing developed rapidly, becoming the main driving force of the country's economic development.
Business Society: Early 21st Century to the Present. After China's accession to the World Organization (WTO), the economy has further opened up, and the service industry and business activities have risen rapidly. At this stage, China's economy became more diversified and complex.
Experience economy: since circa 2010. With the upgrading of consumption and the diversification of consumer demand, the experience economy has begun to emerge in China. At this stage, companies are more focused on providing personalized services and products to meet consumers' needs for unique experiences and emotional connections.
It should be noted that this is only a simplified way of dividing the time dimension, and in fact, the evolution of the Chinese market is a complex process, which includes the interweaving and evolution of multiple economic forms.
Consumers are increasingly demanding personalized, differentiated experiences. The experience economy emphasizes providing unique, personalized experiences with a focus on emotional satisfaction and spiritual pleasure for consumers. At this stage, China is committed to the development of tourism, cultural industry commerce, and e-commerce, emphasizing consumer participation and interaction.
Looking at China's explosive economic events in 2023, Zibo barbecue, live e-commerce, new energy vehicles, Harbin tourism, and sharing economy can also deeply perceive that we may have reached an era of experience economy that focuses on high cost performance.
The experience economy is made up of BJoseph Pyne (b.)Joseph Pine II) and James HJames H. GilmoreGilmore) first proposed in his 1999 book The Experience Economy. They believe that as the proportion of the service sector in the economy gradually increases, the economy gradually shifts from a product economy and an information economy to an experience economy. In the experience economy, businesses engage customers by providing unique, memorable experiences that become important factors in consumers' purchasing decisions.
The theories of the experience economy can be applied to various industries and fields, and here are some examples that we are familiar with:
Disneyland: Disneyland is a classic case of the experience economy. It offers visitors a world of joy, adventure, and imagination. Visitors can not only enjoy a variety of thrilling rides in the park, but also interact with Disney characters, wonderful shows and fireworks displays. Disneyland has become one of the most successful theme parks in the world by offering a wide variety of experiences that attract a large number of visitors.
Starbucks: Starbucks is a coffee chain brand that focuses on providing high-quality coffee and unique experiences. Starbucks not only focuses on the quality and taste of coffee, but also on creating a comfortable third place for customers. At Starbucks stores, customers can enjoy a variety of coffee drinks and enjoy the elegance** and warm atmosphere. Starbucks has attracted a large number of loyal customers by providing personalized service and a petty bourgeois experience.
Apple Store: The Apple Store is a retail store where Apple Inc. offers product experiences and services. Customers can experience the best Apple products in the Apple Store, such as iPhone, iPad and Mac computers. The employees of the Apple Store are known as "geniuses" and they provide customers with professional technical support and personalized service. The Apple Store has earned the trust and loyalty of its customers by providing a premium experience and service.
These cases show that in the era of the experience economy, companies need to pay attention to the experience needs of consumers and win a competitive advantage in the market by providing unique and valuable experiences. The theory of experience economy has had a profound impact on marketing, product design, service management and other fields.
Of course, the current economic situation in China is that there are Disneyland and Fangte Paradise, Starbucks and Luckin, Apple and Xiaomi, and it is necessary to find a balance between the experience economy and the ultimate cost performance.