The Experience Economy in the Prism of Cultural and Value Paradigms

Abstract

The article considers the experience economy (the economy of impressions) in the prism of its dependence and interdependence on the cultural and value paradigms of modern society. The relevance of the research is determined by the novelty of the analysis of the concept in relation to modern social axiology. The purpose of the article is to analyze the structure-forming elements of the experience economy in its correlation with cultural and value paradigms. The scope of the research includes the formulation of the principles of the experience economy as an important element of the service sector based on a customized approach to the client, consideration of its conceptual characteristics, as well as the analysis of the value-ethical component of this objective socioeconomic phenomenon inherent to post-industrial society. The scientific novelty of the research lies in the author's interpretation of this relatively modern marketing approach. The essence of the experience economy, its functions and basic principles are analyzed. The reasons for its increasing importance as a socio-humanitarian component contributing to sustainable development are discussed since that is especially relevant in the current conditions when the ontological, axiological and ethical aspects of the society are being reinterpreted. The importance of considering the values of different customer generations to form impressions and experiences is emphasized. The working principles of the experience economy are considered. In the course of the research, general scientific methods were used: in particular, integrative and systemic approaches, to allow the identification of the essential content of the marketing element; structural and functional approach, allowing for the exploration of the structure and functions of the experience economy; socio-cultural approach, in order to examine the characteristics of the phenomenon and its impact on the system of interaction between the brand and the consumer; as well as axiological approach, which allow for the identification of value orientations and attitudes in their correlations with social axiology. The prospects of the experience economy as a factor contributing to sustainable development from the point of view of its impact on the consumer behavior and society are analyzed. The research indicates the emergence of a new paradigm of sociocultural experience based on co-creation and acquisition of a unique collective experience. The increasing importance of growing social capital by doing work for public causes is emphasized. Specificities of the economy of impressions are described and its core concepts systematized. The author concludes that the economy of impressions is a response to the value orientations of millennials to modern challenges which determines their consumer behavior.

Keywords

• experience economy
• values
• brand-consumer interaction
• leisure
• emotional marketing
• axiology
• trend
• post pandemic