Experience Economy Research Articles

Diffusion of innovation in direct-to-avatar (D2A): A study of immersive communication and branding in the metaverse

Direct-to-Avatar (D2A) is the new phenomenon in the online retail segment. Brands are moving towards immersive commerce in which the central focus is on immersive communication for better customer experience in the metaverse. Diffusion of innovation theory acted as a theoretical framework to understand the premiums that the brands can enjoy from the customers by moving towards immersive commerce. 948 tweets on metaverse were analysed and five in-depth interviews with the experts on metaverse were conducted. For the quantitative study, the data were collected from a select metaverse Facebook group. The findings of PLS-SEM revealed that four factors - customer engagement, customer experience, value co-creation and customer empowerment - have statistically positive impact on customer citizenship behavior which ultimately affects customer satisfaction and loyalty towards the brands. The study extends the applications of diffusion of innovation theory in the content of immersive communication. It enriches the literature on technological advancements in immersive commerce. This is one of the first studies that focus on lifestyle brands in the metaverse. Also, this study depicts how socializing the digital brand communication with experience economy can be a key factor for lifestyle brands.

Relationships Between Theme Park Ride Experience and Loyalty: The Moderating Role of Past Experience

ABSTRACT Understanding the relationship between theme park ride experiences and visitor loyalty is crucial yet still not fully elucidated, particularly regarding differences between first-time and repeat visitors. Drawing upon the experience economy framework and the theory of experienced utility, this study explores how various aspects of theme park ride experience (education, aesthetics, entertainment, and escapism) influence visitor loyalty (revisit and recommendation intentions), considering the moderating effect of past experience. Structural equation modeling and invariance tests were conducted on data collected from 412 theme park visitors in China. Results indicate that the four dimensions of theme park ride experience have varying impacts on patrons’ revisit and recommendation intentions. Additionally, first-time visitors’ intentions are more influenced by active participation experiences compared to repeat visitors. This study advances the theoretical knowledge of theme park ride experience and offers practical implications for park management.

The Role of Relationship between Money Supply and Exports in the Context of Economic Development through Increasing the Resilience of Foreign Exchange Reserves: Evidence from Selected Asian Countries

The importance of building foreign exchange reserve performance is the main requirement in safeguarding the economy in the global order from potential risks and threats originating from the external sector. This has become an important discussion in recent times, but several previous studies have not answered the urgency in building sustainable economic resilience, especially in countries that have economic experience with economic shocks caused by potential risks originating from the external sector. Ordinary-Least Square (OLS) analysis chosen to prove impact of financial stability and international trade on the growth and resilience of foreign exchange reserves as external liquidity for several countries in Asia during 1990 – 2020. The results of this research show that in the long term, both the money supply variable and exports as an independent variable have a positive and significant influence in increasing the resilience of the external liquidity performance of selected Southeast Asian countries. Our policy recommendations emphasize the importance of maintaining the resilience of foreign exchange reserves as external liquidity in order to increase economic resilience in the global economic arena. The government should provide the main focus in increasing policies by increasing the role of the external sector itself through international cooperation.

The Prospects for the Development of Territorial Branding in the Context of the Experience Economy

The article explores the phenomenon of branding territories in the context of experience economy in its active development in recent years. The relevance of the study stems from a number of reasons. Firstly, there is a need for scientific and practical models of the best development practices of the regions of the Russian Federation. Secondly, the competent branding policies are required in order to revive and develop small towns, as well as to prevent the outflow of employable population to cities. And finally, there is an importance in understanding the impact of experience economy tools on the branding of territories. The subject of the study is territorial branding as one of the forms of the experience economy realization. The purpose of the study is to reveal the process of development of territorial branding in light of the experience economy. The works of local and foreign scientists, as well as materials from specialized websites, online publications on marketing strategies and tools of the new economy are taken into account. Based on a review of the scientific literature, which presents approaches to understanding the specific features of territorial branding and the importance of impressions for customer loyalty, the practical recommendations are offered for the Russian Federation. Promising strategies for forming brands of territories through the use of experience economy tools have been identified. The practical implications and scientific value of the article is in the formulated proposals for improving territorial branding.

Investigating User Experience of VR Art Exhibitions: The Impact of Immersion, Satisfaction, and Expectation Confirmation

As an innovative form in the digital age, VR art exhibitions have attracted increasing attention. This study aims to explore the key factors that influence visitors’ continuance intention to VR art exhibitions using the expectation confirmation model and experience economy theory and to explore ways to enhance visitor immersion in virtual environments. We conducted a quantitative study of 235 art professionals and enthusiasts, conducted using the partial least squares structural equation modeling (PLS-SEM), to examine the complex relationship between confirmation (CON), Perceived Usefulness (PU), Aesthetic Experiences (AE), Escapist Experiences (EE), Satisfaction (SAT), and Continuance Intention (CI). The results show that confirmation plays a key role in shaping PU, AE, and EE, which in turn positively affect visitors’ SAT. Among these factors, AE positively impacts PU, but EE have no impact. A comprehensive theoretical model was then constructed based on the findings. This research provides empirical support for designing and improving VR art exhibitions. It also sheds light on the application of expectation confirmation theory and experience economy theory in the art field to improve user experience and provides theoretical guidance for the sustainable development of virtual digital art environment.

International Trade Liberalization and Domestic Institutional Reform: Effects of WTO Accession on Chinese Internal Migration Policy

Abstract Economic institutions that impede factor mobility become more costly when an economy experiences substantial transitions such as trade liberalization. I study how trade triggers changes in labor institutions that regulate internal migration in the context of China’s Hukou system. Using a newly collected dataset on prefecture-level migration policies, I document an increase in promigrant regulations following WTO entry and estimate the impact of prefecture-level tariffs on exports on migration regulations from 2001 to 2007. I find that regions facing more export market liberalization enacted more migrant-friendly regulations.

Form generative approach for front face design of electric vehicle under female aesthetic preferences

Vehicles are the most representative product of both transportation and industry. Fueled by the growing popularity of energy-saving and environmentally friendly ideas and policies, new energy technologies and their supporting industries are experiencing constant development and refinement. As a result, electric vehicles (EVs) are steadily displacing traditional fuel-powered vehicles as the dominant force in the vehicle market. The experience economy is driving a significant shift in the direction of EV development, which is transitioning from improving functionality to optimizing the emotional connection consumers have with their vehicles. This means the form factor of the vehicle itself is becoming a key element in attracting consumers and influencing purchasing decisions. Over half of China's EV consumer market is comprised of females. However, many companies continue to develop products solely from a male perspective, missing out on a vast market opportunity. Therefore, incorporating design elements that cater to female aesthetic preferences into EVs can undoubtedly play a crucial role in unlocking this significant segment of the market. Based on this, the paper proposes a form generative design approach that specifically caters to the preferences of female consumers within the theoretical framework of Kansei engineering.The research process begins by obtaining Kansei imagery through the collection and analysis of big data. Subsequently, eye-tracking experiments are conducted to define the key design elements of the automobiles. Concurrently, appropriate aesthetic measurement indicator (AMI) system is established. Next, AMI values are computed for the sample set. This data is then leveraged to create a mapping relationship with the Kansei imagery, enabling the objective reflection of subjective aesthetic evaluations. Finally, an integrated Kansei evaluation equation serves as the fitness function within a generative approach that utilizes genetic algorithms and visual AI to produce form design solutions for electric vehicles. The evaluation confirms that the proposed design approach successfully generates a substantial number of high-quality creative solutions that align with female aesthetic preferences, while maintaining low cost and high efficiency.

Маркетинговые концепции и оценочные показатели сектора технологичных развлекательных продуктов и услуг

The article analyzes the essential aspects of the experience economy, its features and functioning mechanisms, as well as the rationality of marketing and its individual concepts in this area. A list of indicators has been determined that reflect the effectiveness of experience marketing at all levels of management: at the macroeconomic level – the share of population spending on culture and entertainment in the structure of GDP; foreign trade potential of creative industries (share in world exports, in %); export of creative goods and services; import of creative goods and services; indicators of tourist flow (international and domestic tourism); NASDAQ index; at the mesoeconomic level – the share of citizens’ spending on culture and entertainment in regional scale; at the microeconomic level – the share of the population’s expenditure on culture and entertainment in the family budget; the company’s customer satisfaction index; sales conversion rate; demand for non-food products; the share of the budget allocated for experience marketing by companies; an indicator of overall consumer loyalty; business profitability ratio. Current trends in the development of the experience economy in the Russian Federation have been identified, as well as problems with its development at the national, regional, and enterprise levels. Based on the analysis of respondent assessments, further potential for expanding the experience economy through the marketing component has been identified. However, existing trends towards expanding this industry and increasing the profitability of businesses operating in this area or associated with it are offset by a number of problems arising in modern operating conditions, namely: at the macro level – the need to increase the efficiency of mechanisms for implementing the development of the experience economy (economic and institutional); insufficient financial support for industries and areas of the experience economy, as well as the necessary infrastructure component; at the micro level – ensuring the NPS and ROI of experience marketing; obtaining a sufficient budget; generating traffic and leads; identifying suitable technologies and their availability; correct targeting. The directions for overcoming them have been identified: at the macro- and mesolevel, the development of effective implementation mechanisms and support for industries and spheres of the experience economy; at the microeconomic level, the development of new methods and tools in the fields of economics and management, marketing and its optimal targets, as well as marketing communications at the enterprise level.

Experience Economy Perspective on Recreational Fishing Tourism Travelers’ Reviews: A Data Science Approach

Fishing tourism, a niche yet burgeoning sector within the broader tourism industry, presents a unique opportunity to explore the dynamics of the Experience Economy. This study delves into the intricacies of fishing tourism through the lens of data science, leveraging web crawling techniques to gather extensive data from reviewer profiles on TripAdvisor. By employing natural language processing (NLP) techniques, the study investigates the correlation between Experience Economy dimensions and user profiling aspects within this domain. The findings of this study shed light on the predominant dimensions of the Experience Economy within fishing tourism. “Entertainment” emerges as the primary dimension, closely followed by “Aesthetic”, “Educational”, and “Escapist” elements. Notably, the study reveals frequent co-occurrences of certain dimension pairs, such as “Entertainment”–“Aesthetic” and “Educational”–“Entertainment”, underscoring the multifaceted nature of the fishing tourism experience. The implications of this research extend beyond academic discourse to practical considerations for stakeholders in the fishing tourism sector. By highlighting the socioeconomic benefits inherent in fishing tourism for local communities and fishers, the study emphasizes the importance of governmental support. This support, in the form of infrastructure development, effective leadership, legislative measures, and financial backing, is deemed essential for fostering sustainable growth and development in this sector. This study stands as a pioneering endeavor within the realm of fishing tourism research, particularly in its focus on Experience Economy dimensions and user profiling. By drawing data from both business pages and user profiles on TripAdvisor, it provides a comprehensive understanding of the intricate interplay between tourist experiences and the broader economic and social landscape of fishing tourism destinations.

Discussion on the Development of Tea Tourism Experience Products in Bashan Village in Hangzhou, Zhejiang Province

Experience economies place a strong emphasis on satisfying customers' emotions and value their psychological experiences as they engage in consumer activity. This paper examines the current state and issues facing the rural industry and takes Bashan Village in Hangzhou, Zhejiang Province as a case study. It proposes a roadmap for transforming and upgrading the rural sector and creating products for cultural tourism experiences. The goal is to serve as a resource for future efforts to implement the rural revitalization strategy in domestic villages, taking into account experience economy guidelines and the needs of the strategy.

User experience of an augmented reality heritage app: an experience economy model

ABSTRACT Technological advancements and evolving traveller expectations have transformed the landscape of tourism experiences. Augmented reality (AR) has emerged as a cutting-edge technology widely employed in various domains to enhance user experiences. However, despite its popularity, limited research has been conducted on the user experience of AR heritage apps within the context of the experience economy framework. Therefore, employing a qualitative research approach, this study examined the user experience of an AR heritage app named ‘City in Time’ in Hong Kong, utilising the experience economy framework encompassing education, esthetics, entertainment, and escapism. Furthermore, user satisfaction and behavioural intentions were assessed. The findings underscore the educational value of AR heritage apps and offer a novel interpretation of the value of esthetics, entertainment, and escapism. They suggest the need for refining AR heritage apps to deliver an enhanced destination experience for users. Additionally, the study highlights the potential of AR apps to enrich user experiences and underscores the necessity for future advancements in this field. Finally, this study encourages future exploration of the user experience in AR apps within the tourism industry.

Peppa Pig: Experience Evolution and User Migration in Multi-industry Creative Consumption

The core IP image of the British animated film Peppa Pig, "Peppa", has seen an all-media explosion and multi-industry IP consumption since 2018, while transforming from a "child Peppa" to a "social person" symbol, becoming a youth subculture phenomenon worthy of attention. By combing through the rewriting or hype of Peppa as a cultural symbol in various media communication, we analyze the experience flow of cultural symbols behind Peppa culture in the communication process, as well as the phenomenon of user migration in multiple industries, and reflect on the creative consumption under the development trend of "new culture and creativity". Using Peppa Pig as a typical case of digital creativity, we propose the logic of user experience construction under two perspectives: product business line and user emotional engagement line. The cultural interpretation of Peppa by different user groups in different industries also inevitably leads to the alienation of Peppa, and Peppa with many different roles is typical. This also demonstrates the trend and crisis of creative IP in the development process: the synergistic evolution of digital creativity in multiple industries and the over-emphasis on experience consumption after the combination of the experience economy and the characteristics of the digital age may lead to creative misconception.

Beyond the ephemeral: Scaling experiences through productization

Experiences have gained significant relevance in recent years. People now favor memorable experiences over tangible goods or intangible services, so experiences generally offer companies the prospect of both enhanced profit margins and improved reputations. Millennials and Generation Z consumers now fuel the growth of the experience economy. Yet the individualized, resource-intensive, and ephemeral nature of well-designed experiences makes them inherently harder to compress or to replicate at scale, thereby limiting productivity gains. This article highlights how some companies have successfully overcome this issue by standardizing experiences and making them more product-like. These simplified experiences still deliver emotional value for consumers but require far fewer company resources. Drawing from the productization literature, we break down the process and provide advice for developing experiences that can be both commoditized and customized.

Uncertainty in banking and trade credit of firms

This paper uses data from commercial banks and nonfinancial listed firms in Vietnam from 2007 to 2022 to address the effect of banking uncertainty on firms’ trade credit. We find that trade credit increases with heightened uncertainty in the banking sector, which is more conspicuous in nonstate-owned firms and when the macro economy experiences shocks, such as those caused by the global financial crisis and the COVID-19 pandemic. We also determine that banking uncertainty is associated with lower bank debt in firms, indicating a substitution effect between bank credit and trade credit when uncertainty rises. A further mechanism test shows that the uncertainty effect on trade credit works through strategic and financing motives. Finally, we find that trade credit expansion may hurt corporate performance; this effect is amplified during periods of banking uncertainty.

국내 고급 부티크 호텔의 고객 경험 요인 특성 연구

In the experience economy era, with a growing interest in unique boutique hotels in South Korea, this study explores the significance of “experience” in luxury boutique hotels. It examines two domestic hotel cases that successfully integrate rich experiential content to create exemplary luxury boutique hotel experiences. Data were collected through literature reviews and interviews with 14 participants who had visited each hotel. Each hotel's key contents were evaluated using a 5-point scale, resulting in a total of 70 evaluations. The analysis revealed that sensory and emotional aspects were the highest-rated experiential elements, while cognitive elements were rated the lowest. This research offers insights into the distribution of experiential elements in domestic luxury boutique hotels, aiding future development and planning, and guiding the identification of key experiential factors.

Иммерсивные технологии в туризме: потенциал и перспективы развития отраслевой экономики впечатлений

The COVID-19 pandemic has accelerated the global economy digitalization, which has also affected the international tourism sector. The importance of the experience economy has been increasing in recent years due to the evolution of approaches to doing business, and the use of its tools seems relevant for the tourism sector because the main purpose of acquiring tourist services is to gain a unique experience. This article examines the role of modern technologies in the experience economy and the evolution of immersive technologies and analyzes the attitude of companies and consumers from the USA, Canada and the Russian Federation to virtual reality. The authors provide the benefits of the AR and gamification introduction on tourist routes and explore the possibility of using AR /VR («augmented reality»/«virtual reality») to make a final purchase decision and familiarize with the safety rules on the trip. The article also provides recommendations for AR/VRtours creation.

The Application of VR Technology in Experiential Marketing

VR marketing, as a new technology-oriented marketing technique developed after native advertising and digital marketing, has brought new changes to the marketing field. Compared with the conventional marketing field, VR marketing is a new field that is both challenging and promising, with much more complex scopes and fields. In the era of experiential economy, the imagination, immersion, and interactivity brought by VR technology have promoted the further development of "experiential marketing". In this paper, we discussed the application of VR technology in experiential marketing by taking the marketing of automotive brands as an example.

Upward, downward or steady: How social class experience shapes transnational social venturing

Transnational social entrepreneurs leverage their cross-border knowledge and experiences to create and exploit opportunities in multiple markets. However, this knowledge and experience is not homogeneous or equally distributed among them. In this paper, we examine how the social class experiences of 18 transnational social entrepreneurs from the African diaspora living in the West influence their transnational social venturing. We identify four types of Transnational Social Class Experience (TSCE)—Grounded, Elite, Fallen and Elevated—each associated with a different approach to transnational social venturing. Our key contribution is introducing and unpacking the concept of Transnational Social Venturing Advantage (TSVA): the unique benefits that transnational social entrepreneurs can gain when their economic experiences across multiple countries intersect with the varied sociocultural environments they encounter. We also develop a framework that elucidates the connections between TSCE and social venturing approaches through TSVA. Taken together, our study advances the literature on transnational social venturing by unpacking the social class experience dynamics that enable transnational social entrepreneurs to access resources and understand their beneficiaries. It also advocates for a shift beyond a low versus high social class dichotomy in the broader (transnational) entrepreneurship discourse to a spectrum-based approach that accounts for social class experiences gained across borders.

Einige Bemerkungen zur Wirtschaft Siebenbürgens am Ende des Fürstentums und am Anfang des Großfürstentums

Transylvania between the Principality of Transylvania and the Grand Principality, as part of the Habsburg Empire suffered a series of economic experiences that led to a considerable extent to its economic as well as social and political decay and recovery. The small Principality on the edge of Central Europe has experienced appreciable changes in its status for two centuries, as well as in the economic perception of those who lived there and also of the other states. The 17th century was one marked both by rich periods from an economic point of view, but also by periods generating economic crisis, due to various natural cataclysms. It is a century of continuous balance between princely absolutism and the noble regime, between the enslavement process and the protection of free structures. Transylvania was hit by the economic crisis of the Habsburg Empire in the middle of the 18th century. The strategies to revitalize the Treasury through internal sources hit hard on the province's financial strength. The economic life of these 200 years is marked by the historic collapse of the guild system. The first who act to limit the monopoly of the guilds are the Princes of Transylvania. The forms of manufacturing production that appeared precisely in the important areas of the guild economy such as those of Sibiu or Braşov are also a significant, but insufficient factor, leading to the weakening of these corporations.

The Investigation of Stock Price Prediction Based on Machine Learning

As the global economy experiences unprecedented growth, the stock market is undergoing a period of expansion and prosperity. Driven by the allure of high risks and high returns, a significant number of individuals have committed themselves to stock trading. In the age of the Internet of Everything, the trajectory of the stock market is intertwined not only with the fortunes of individuals and businesses but also deeply influences the fate of nations and societies. However, stock market forecasting is quite a hard task owing to its volatile nature, where even seemingly unrelated factors can lead to dramatic changes. Therefore, the importance of constructing reliable stock prediction methods is self-evident. In recent years, scholars have mainly focused on machine learning and deep learning methods to complete this task. After literature review, this article summarizes and discussed several commonly used and effective methods, such as Linear Regression, Random Forest, Long Short-Term Memory (LSTM), etc. The advantages, disadvantages and applications of different methods are discussed, like the shortcoming of Linear Regression to handle non-linear models well and the relatively excellent ability of LSTM to predict long sequences. This article would be helpful for emerging scholars to have a grasp of the characteristics, advantages and scope of application of these methods, and facilitate the development of future research.