You just got finished checking your phone, perhaps your stocks, but you're tired of staring at screens and the feeling of cabin fever rages inside, because you've been inside too long.
Government mandated shutdown orders have created a new socially-distanced social life that is driving a hunger for more that will explode into the experience economy.
Many experiences that are tactile, memorable and real have become 10Xs more valuable than possessions as we battle adapting to this new way of life.
As stated in previous blogs, I predict life will return back to more of a normal setting by the end of 2021 - let's hope I'm right. Until then, everyone wants what they can't have: real life experiences outside the home.
Pre-covid retailers capitalized on the trend of marketing to the experience economy drive. Starbucks notably made a lot of money extending the familiarity of a local coffee shop to the global scale.
Take another example, Cabela's for instance. This outdoor retailer transformed their showrooms into quasi-outdoor adventures complete with waterfalls.
There are smart bathrooms in Westfield shopping centers and sensory gardens which are gardens that have a collection of plants which are appealing to one or more of the five senses; sight, smell, sound, taste, and touch.
My prediction: Emerging from the 2020 Covid lockdown, people will super charge the experience economy due to 365 days of being inside more than out socializing.
The experience economy will start booming - it already is as mentioned in the Airbnb blog post where rural Airbnbs made $200 million just this past June.
Hot air balloon rides, outdoor events, fishing trips, nature, water, sky, bars, restaurants, sports are all going to be poised to make significant profits once everything re-opens to full capacity.
No amount of AI Amazon Go Stores, Echo auto ordered products, smart cars and drone delivered pizza can equal human interaction (although drone delivered pizza does seem pretty cool):
Once either society returns to normal socializing or we adapt better as a whole to reduced capacity socializing and the public space becomes used again, millions of people will be on the edge of their seats to get out of the house and start living life again.
If you haven't invested either in stocks of an existing experience-economy company or in starting your own experienced-based company -- now is the time.
Even right now, creating companies that offer in person real life experiences with Covid-19 adapted processes, you stand to make a pretty penny as consumers look for alternatives to staring at Zoom screens 24/7.
Comment below on an experience-based purchase you made in the last 3 years that you really enjoyed!
For me it was a trip to Hawaii, what about you?
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