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Today we can identify and describe this fourth economic offering because consumers unquestionably desire experiences, and more and more businesses are responding by explicitly designing and promoting them. Welcome to the emerging experience economy.Įconomists have typically lumped experiences in with services, but experiences are a distinct economic offering, as different from services as services are from goods. Cheese’s, the Discovery Zone, the Mining Company, or some other business that stages a memorable event for the kids-and often throws in the cake for free. Instead, they spend $100 or more to “outsource” the entire event to Chuck E. Now, in the time-starved 1990s, parents neither make the birthday cake nor even throw the party.
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Later, when the service economy took hold, busy parents ordered cakes from the bakery or grocery store, which, at $10 or $15, cost ten times as much as the packaged ingredients. As the goods-based industrial economy advanced, moms paid a dollar or two to Betty Crocker for premixed ingredients. As a vestige of the agrarian economy, mothers made birthday cakes from scratch, mixing farm commodities (flour, sugar, butter, and eggs) that together cost mere dimes. How do economies change? The entire history of economic progress can be recapitulated in the four-stage evolution of the birthday cake.