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The Concept of Escapism within the Retail Experience Economy

Full report: The Retail Experience Economy: The Behavioural Revolution

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.

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This work forms part of a wider piece of research and is a downloadable in pdf format

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Importance of Escapism experience by age

The importance of concept stores in retail

Concept stores are emerging more frequently, breaking the mould of traditional outlets, allowing consumers to immerse themselves in fashion, art, food, music and design, in an environment of beautifully constructed and interwoven social spaces.  

A masterful infusion of digital technology, seamless convenience and customer service in an inspiring environment can form a powerful escape for shoppers, leading to a memorable experience that can strengthen a consumer’s connection with brands

“25% of respondents in our consumer survey think that Escapism is the most important aspect of a meaningful shopping experience.

 

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Found this short article interesting?

This insight article forms part of a thought leadership report entitled “The Retail Experience Economy: The Behavioural Revolution”. It was produced by Retail Economics in partnership with Squire Patton Boggs and looks at a comprehensive range of factors that impact consumer behaviour across four key realms of experience. 
 

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