The Concept of Escapism within the Retail Experience Economy
How important is the idea of escapism within the retail experience economy?
Evolutionary processes within the UK economy have guided economic value from commodities to goods, to services and now, experiences. Technology has put more power in the consumer’s hands and as a result they expect more. The concept of escapism plays an essential role in assessing what makes a meaningful retail experience and how consumers value this idea.
The Retail Experience Economy Model identifies Environment, Escapism, Entertainment, and Education as four key factors in determining a customer’s shopping experience. 25% of respondents in our consumer survey think that Escapism is the most important aspect of a meaningful shopping experience.
Retail Experience Economy Model
Older consumers value the idea of escapism over others
Consumers are more selective about where they shop, favouring novel experiences that take them out of the normal routine. Accordingly, retailers are exploring more avant-garde locations that offer greater creative scope to deliver fresh experiences where consumers can detach from the everyday.
Our research shows that all consumer age groups recognise the psychological value of escapism while shopping, while interestingly, older age groups place more importance on it than younger consumers, which could be explained by the level of social responsibility, commitment and routine.
