The Retail Experience Economy: The Behavioural Revolution

    View Authors June 2017
    As featured in Retail Week, we are delighted to launch our 2017 Report The Retail Experience Economy: The Behavioural Revolution. The report is co-authored with independent economics research consultancy Retail Economics.   

    The 2017 report findings are based on a survey of 2000 shoppers and considers consumer spending habits and the impact of the shift from spending on goods to services and now the emergence of a new impact on the retail economy. The report finds that retailers need to offer a more multifunctional, ‘experience-based’ environment in order to inspire, win and retain the loyalty of customers.  

    At a glance
    • The Retail Experience Economy identifies four key factors determining a customer’s shopping experience: (1) Environment ; (2) Education; (3) Escapism; and (4) Entertainment
    • 24% of 2000 respondents said they would willingly pay more for the same product if it meant they would receive a meaningful experience when purchasing it
    • 43% of shoppers said that they are likely to spend more money in the future with a retailer who offered a meaningful shopping experience in-store
    • Entertainment ranked the highest for younger consumers (35% of respondents 18-24yrs), compared with just 13% for the 65+ age group
    • Environment was the most important element of a meaningful shopping experience, selected by almost half (46%) of 35-44 year olds
    • Almost two thirds of consumers are more inclined to shop at destinations that house cafes, restaurants and bars as they place a multi-purpose environment with social meeting points as a high priority