Three-Minute Trend: The Insperience Economy
Hands up who's found themselves doing some unexpected things at home this year? Whether it's lunging along to a HIIT class in the kitchen, savouring award-winning theatre productions or a virtual murder mystery event from the comfort of your sofa, or constructing a tiki bar in the garden, all sorts of cultural, culinary and creative activities have had to pivot to work within four walls.
Since coronavirus lockdowns began, Stylus has been tracking brands' homeward pivots across multiple industries – see Leisure & Wellness in Lockdown, The New At-Home Drinking Occasion and Virtual Exhibitions. The boom in in-home experiences has its own portmanteau: insperiences (add that to the lexicon of Covid-era vocab, alongside quarantinis and coronnials).
While such concepts were born of necessity – a way for retailers, restaurants and more to maintain relevance and diversify revenue streams – the insperience economy has longevity beyond the pandemic, offering future consumers convenient, agile experiences that wrap around their lifestyles. As noted in The Brief, four in 10 UK consumers say they intend to work out at home more often even after gyms have reopened, and more than a quarter will be keeping up digital drinks with friends (Barclays, 2020). No wonder major global brands from Amazon to Lululemon are eyeing long-term insperience offerings.
Join Stylus' acting senior editor of Consumer Attitudes & Technology, Estella Shardlow, to explore this important new frontier for brand engagement, and what it takes to make a standout insperience concept.