{"id":1104,"date":"2021-06-24T08:30:35","date_gmt":"2021-06-24T12:30:35","guid":{"rendered":"https:\/\/advertisingweek.com\/aw360\/2021\/06\/24\/experiences-are-moving-from-social-to-emotional-currency\/"},"modified":"2021-06-24T08:30:35","modified_gmt":"2021-06-24T12:30:35","slug":"experiences-are-moving-from-social-to-emotional-currency","status":"publish","type":"post","link":"https:\/\/advertisingweek.com\/aw360\/news\/experiences-are-moving-from-social-to-emotional-currency\/1104\/","title":{"rendered":"Experiences Are Moving From Social To Emotional Currency"},"content":{"rendered":"<!-- shortcode [asyncjs] -->\n        <script type=\"text\/javascript\">if (!window.AdButler) {\n                (function () {\n                    var s = document.createElement(\"script\");\n                    s.async = true;\n                    s.type = \"text\/javascript\";\n                    s.src = 'https:\/\/servedbyadbutler.com\/app.js';\n                    var n = document.getElementsByTagName(\"script\")[0];\n                    n.parentNode.insertBefore(s, n);\n                }());\n            }<\/script>\n        <script type=\"text\/javascript\">\n            var AdButler = AdButler || {};\n            AdButler.ads = AdButler.ads || [];\n            var abkw = window.abkw || '';\n            var plc376256 = window.plc376256 || 0;\n            document.write('<' + 'div id=\"placement_376256_' + plc376256+ '\"><\/' + 'div>');\n            AdButler.ads.push({\n                handler: function (opt) {\n                    AdButler.register(167788,376256, [300,250], 'placement_376256_' + opt.place, opt);\n                },\n                opt: {\n                    place: plc376256++,\n                    keywords: abkw ,\n                    domain: 'servedbyadbutler.com'\n                }\n            });\n        <\/script>\n        \n\n<p class=\"wp-block-paragraph\"><em><strong>By Elena Klau, Global Chief Strategy &#038; Analytics Officer, <a href=\"https:\/\/www.momentumww.com\/\">Momentum Worldwide<\/a><\/strong><\/em><\/p>\n\n\n\n\n\n<p class=\"wp-block-paragraph\">As we look at the world with fresh eyes and deeper understanding, human truths remain the same\u2014we want to escape every day, feel part of a community, be part of something meaningful and learn something new. Experiences can deliver these if we keep our sights on the emotional currency and aim for happiness, wonder and wellbeing.<\/p>\n\n\n\n\n\n<p class=\"wp-block-paragraph\">Last March the hottest ticket in town moved from being in movies, stadiums and theatres to laptops, houses and apartments overnight. The social currency of the 2000s\u2014snapping that perfect selfie to upload on Instagram or bagging the tickets to the \u201cyou had to be there\u201d event\u2014lost its value. As various restrictions were enforced, the social element of experiences was disrupted. Yet people who crave human interaction, being the creative and clever things they are, found a way. Experiences migrated online as staying connected with people, passions and pastimes became paramount.<\/p>\n\n\n\n\n<h4 class=\"wp-block-heading\"><strong>A quick recap<\/strong><\/h4>\n<p class=\"wp-block-paragraph\">Pre-Covid times, the experience economy was booming. 57%\u00a0of people were spending more money on\u00a0experiences rather than &#8220;things,&#8221; with an <a href=\"https:\/\/www.bea.gov\/data\/income-saving\/personal-income\">average year-on-year increase\u00a0in discretionary\u00a0spending of\u00a02\u20133% since 2010<\/a>. In 2019 live music revenue alone resulted in $11 billion,the importance people place on experiences. To keep existing fans and attract new ones, the music industry quickly adapted. The power of technology, creative thinking and innovation pushed experiences to new places, meeting changing consumer mindsets and needs. American Express put on one-of-a-kind, intimate performances with GRAMMY Award-winning artists like Alicia Keys for the brand\u2019s virtual version of UNSTAGED to engage with fans on a new level.<\/p>\n\n\n\n\n<!-- shortcode [asyncjs] -->\n        <script type=\"text\/javascript\">if (!window.AdButler) {\n                (function () {\n                    var s = document.createElement(\"script\");\n                    s.async = true;\n                    s.type = \"text\/javascript\";\n                    s.src = 'https:\/\/servedbyadbutler.com\/app.js';\n                    var n = document.getElementsByTagName(\"script\")[0];\n                    n.parentNode.insertBefore(s, n);\n                }());\n            }<\/script>\n        <script type=\"text\/javascript\">\n            var AdButler = AdButler || {};\n            AdButler.ads = AdButler.ads || [];\n            var abkw = window.abkw || '';\n            var plc428354 = window.plc428354 || 0;\n            document.write('<' + 'div id=\"placement_428354_' + plc428354+ '\"><\/' + 'div>');\n            AdButler.ads.push({\n                handler: function (opt) {\n                    AdButler.register(167788,428354, [300,250], 'placement_428354_' + opt.place, opt);\n                },\n                opt: {\n                    place: plc428354++,\n                    keywords: abkw ,\n                    domain: 'servedbyadbutler.com'\n                }\n            });\n        <\/script>\n        \n\n\n<h4 class=\"wp-block-heading\"><\/h4>\n<h4 class=\"wp-block-heading\"><strong>The exchange of currency<\/strong><\/h4>\n<p class=\"wp-block-paragraph\">Fast-forward to now, and it\u2019s clear consumers are becoming disconnected from digital-only events and the return to life is happening in a big way. A new currency is emerging from shifting consumer needs. The realization of what people value and desire has been cemented by the pandemic. And so, we move from <strong>social<\/strong> to <strong>emotional<\/strong> currency. A currency based on the need for happiness, wellbeing, community and escapism. Consumers place more importance on the pay-off of attending an experience post-pandemic. After a year of social distancing, they\u2019ll be curating the experiences they attend by what:<\/p>\n\n\n\n\n<ul class=\"wp-block-list\">\n \t<li>Provides joy\/happiness (69%)<\/li>\n \t<li>Helps obtain mental wellbeing (64%)<\/li>\n \t<li>Leaves them with lasting memories (62%)<\/li>\n \t<li>Reconnects them with family and friends (57%)<\/li>\n<\/ul>\n<p class=\"wp-block-paragraph\">The \u201cswag and swagger\u201d of experiences is less important. It\u2019s not a necessity to make them feel like a VIP (21%), provide something to brag about to others (20%), or give them something for the \u2018gram (12%). It\u2019s simple enough to be present and \u201cthere.\u201d Consumers say that if there\u2019s one thing they learned about themselves it\u2019s that they appreciate things much more than they did a year ago (92%). They want to share experiences\u2014online and in-person. And this is now more possible than ever!<\/p>\n\n\n\n\n<h4 class=\"wp-block-heading\"><strong>The future of experiences<\/strong><\/h4>\n<p class=\"wp-block-paragraph\">Technology has opened up experiences globally, and it\u2019s estimated we\u2019ve seen an acceleration of 5\u201310 years in digital over the past 12 months. That\u2019s a giant leap, resulting in an opportunity to unlock the potential for blended experiences, where digital and physical interplay. It\u2019s no longer an either-or. It\u2019s both. People are ready for physical events, with our recent research indicating 48% of consumers say they&#8217;d return to live experiences within a month or sooner once they are vaccinated. But we\u2019ve also had a glimpse of the true potential and power of virtual and online. We know what consumers want now more than ever, so the learnings must be applied to open events to all and broaden our reach.<\/p>\n\n\n\n\n\n<p class=\"wp-block-paragraph\">Blended experiences provide opportunities for normally unusual connections to be formed to attract new audiences. Verizon recognized this opportunity for enhanced connection, so we helped them create an entirely new level in <em>Fortnite<\/em>\u00a0creative mode for\u00a0Superbowl\u00a0LV. We partnered with some of the best gaming builders in the world, and the collaboration pushed the boundaries of blending physical and digital to create something unique for the\u00a0<em>Fortnite<\/em>\u00a0community. The design took its inspiration from existing NFL stadiums, teams and players, and merged that with a design language that was authentically\u00a0<em>Fortnite<\/em>. The result was an everlasting experience that attracted over 40 million users during its launch during Super Bowl week and is still live today to inspire and engage.<\/p>\n\n\n\n\n\n<p class=\"wp-block-paragraph\">The opportunity to take risks and engage with new channels and platforms to reach that wider audience is now. We\u2019ll see innovative live experiences flooding the market, trying to win over consumers who have higher expectations than ever before. If you remain focused on the idea and not the technology to create and deliver the best-blended experience, consumers will be happy and engaged in the moment you create.<\/p>\n\n\n\n\n<!-- shortcode [asyncjs] -->\n        <script type=\"text\/javascript\">if (!window.AdButler) {\n                (function () {\n                    var s = document.createElement(\"script\");\n                    s.async = true;\n                    s.type = \"text\/javascript\";\n                    s.src = 'https:\/\/servedbyadbutler.com\/app.js';\n                    var n = document.getElementsByTagName(\"script\")[0];\n                    n.parentNode.insertBefore(s, n);\n                }());\n            }<\/script>\n        <script type=\"text\/javascript\">\n            var AdButler = AdButler || {};\n            AdButler.ads = AdButler.ads || [];\n            var abkw = window.abkw || '';\n            var plc376257 = window.plc376257 || 0;\n            document.write('<' + 'div 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new.<\/p>\n","protected":false},"author":7,"featured_media":1105,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","editor_notices":[],"footnotes":""},"categories":[1],"tags":[5],"topics":[2],"class_list":["post-1104","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-data","topics-editorial"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Experiences Are Moving From Social To Emotional Currency | AW360<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/advertisingweek.com\/aw360\/news\/experiences-are-moving-from-social-to-emotional-currency\/1104\/\" \/>\n<meta property=\"og:locale\" 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