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COVID-19 and the Rise of the New Experience Economy

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  • Gurleen Kaur
  • Chanpreet Kaur

Abstract

This article aims to highlight the new experience economy upsurge amidst the coronavirus disease 2019 (COVID-19) outbreak. Undoubtedly, businesses will not be the same post the COVID-19 era, as it brings with itself both a threat and a cautious optimism as far as market offerings are concerned. Making a real difference to the landscape of experiences, therefore, requires a revisit. A ‘Needs-based, Action-oriented and Affiliation-centric’ strategy mix is proposed to be the central plank of any survival design during and after the COVID-19 pandemic. Further, based on the experience economy framework, we present a toolkit that the businesses can use as a blueprint for revival in the long term. The article suggests that the pandemic is here to teach the lesson of building experiences that are robust enough to survive the plunges in the market, personalized enough to retain loyalties, cohesive enough to not get diluted with a change in channel of offering and dramatic enough to keep the engagement alive at all times. Seen in this light, this article is first-of-its-kind attempt to chronicle the potency of the new experience economy measures in navigating through the COVID-19-induced business crisis and envisioning it as a framework pushing for a frugal approach.

Suggested Citation

  • Gurleen Kaur & Chanpreet Kaur, 2020. "COVID-19 and the Rise of the New Experience Economy," FIIB Business Review, , vol. 9(4), pages 239-248, December.
    • Handle: RePEc:sae:fbbsrw:v:9:y:2020:i:4:p:239-248
    DOI: 10.1177/2319714520958575
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    References listed on IDEAS

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    1. Hamid Yeganeh, 2019. "An Analysis of Emerging Patterns of Consumption in the Age of Globalization and Digitalization," FIIB Business Review, , vol. 8(4), pages 259-270, December.
    2. Ilan Alon, 2020. "COVID-19 and International Business: A Viewpoint," FIIB Business Review, , vol. 9(2), pages 75-77, June.
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    Cited by:

    1. Oindrila Dey & Debalina Chakravarty, 2024. "Industry or civil society? Role of institutions in COVID-19 crisis management," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 71(3), pages 597-614, September.
    2. King, Ceridwyn & Madera, Juan M. & Lee, Lindsey & Murillo, Enrique & Baum, Tom & Solnet, David, 2021. "Reimagining attraction and retention of hospitality management talent– A multilevel identity perspective," Journal of Business Research, Elsevier, vol. 136(C), pages 251-262.
    3. Anubhav Mishra & Anuja Shukla, 2023. "Gyan Fresh: Digital Transformation of Dairy Business with Resilience and Technology Innovation," FIIB Business Review, , vol. 12(1), pages 20-30, March.
    4. Samuel Ogbeibu & James Gaskin, 2023. "Back from the Future: Mediation and Prediction of Events Uncertainty through Event-Driven Models (EDMs)," FIIB Business Review, , vol. 12(1), pages 10-19, March.

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