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Transformation Economy is the next generation of the Experience Economy
Manage episode 362303381 series 3470441
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The transformation economy is the next iteration of the experience economy. In the experience economy, businesses offer customers an experience,
like Starbucks offering a third place to live your life. The transformation economy takes this a step further - businesses offer customers not just an experience, but a transformational experience.
When examining consumer spending, over half of the money spent on luxury goods is directed towards luxury experiences. A significant portion of this spending is focused on luxury transformations, where individuals seek to relax and recharge, revitalize, or enhance their overall well-being.
For existing companies, this is no longer optional. Business as usual is becoming business unusual, and new business models are designed for speed and agility.
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