Much has been said about the Experience Economy over the past 20 years. Some professionals talk about it as the next economic era and the logical progression of value. I agree with this thinking and have come to believe this is greatly due to the shift in consumer demand and the rapid change of goods. The race to have the latest is quickening. No longer is it about keeping up with the Joneses, it’s about try to keep up with ever-changing goods in order to achieve happiness. Somewhere along the line in history, consumers have been directed to buy more and newer goods in the promise that consumers can buy happiness.
Take a look at any advertisement on television, digital screen or a photo in a magazine or on a billboard. Its filled with smiling happy people holding the latest and greatest version of a thing. They all look happy that they have the newest thing. Manufacturers are changing models, product mixes and even design faster than the normal consumer can keep up. Why?
There seems to be this condition called Hedonic treadmill. The feeling of happiness after buying something. Unfortunately, that happiness fades quickly, especially when the manufacturers are producing newer versions of goods at a faster rate. This speed of change only shortens the Hedonic adaptation cycle and shortening that sense of being happy.
So what are consumers to do to overcome this treadmill? It begins by understanding the Hedonic treadmill and what actually helps create happiness in a consumer. It means looking at why buying things is not the answer to achieving happiness and looking to what does. In a recent article by Dr. Brooks on this subject, he states that experiences offer more value over things. Happiness can be achieved through experiences.
So, as designers who developing experiences for as economic offerings, it is key to focus on how the experience creates happiness in the consumer. In other words, design with happiness in mind. To achieve this, designers will need to keep in mind that experiences are personal and unique to each individual and that customization is at the heart of every experience, because each person experiences events differently and for different reasons. Also, positive experiences create lasting memories, memories people share.