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This consumer behavior speech from Joseph Pine offers its viewers a new approach to evaluate consumer desire and preferences. Pine explains that there is a fundamental change occurring in the fabric of the modern economy. Consumers today no longer seek out shiny or expensive products because of the surplus of goods and services currently showering the market. Consumers today are looking for unique and authentic experiences.
This means, according to Pine, that it is time to move to a new level of economic value, past the value of goods and services. The economy is now based on experience—experiences are becoming the dominant economic offering. Pine uses Las Vegas as the experience capital of the world. This desire for authenticity and experience is now the buying criteria of consumers.
While every experience with a product or service is inherently unique and authentic to each consumer, meaning that brands cannot actually create this for customers, Pine’s consumer behavior keynote rightly points out that it is the perception of authenticity that makes millions.