A CONSUMER-DRIVEN EXPERIENTIAL REVOLUTION RESHAPING INDUSTRIES

INDIA, A NATION renowned for its diverse culture and traditions, has seen a remarkable transformation in recent years. The emergence of the experiential economy, driven by the millennial generation, has ushered in a new era of innovation and change across various industries. From fashion and personal care to entertainment and ecommerce, this seismic shift is redefining consumer preferences and reshaping the business landscape.

- Karan Taurani

THE EXPERIENTIAL ECONOMY

In a landscape where change is the only constant, India’s experiential economy has firmly established itself. This phenomenon is characterised by an eagerness to explore new products and services across online and offline channels. Fuelling this transformation are several key factors:

1. Diversity of choices: In sectors like fashion and personal care, direct-to-consumer (D2C) brands have proliferated, offering consumers an array of choices. This shift in the market empowers consumers to experiment with emerging brands, a trend extending to Bollywood and the film industry. 

2. Cinematic revolution: The film industry, particularly Bollywood, is witnessing a change in viewing patterns. Audiences are increasingly open to exploring OTT platforms and emerging stars. This willingness to embrace change reflects a broader shift towards experimentation.

3. Food industry dynamics: India’s food and beverage (F&B) industry is experiencing a transformation as global brands face challenges from dynamic, emerging competitors. These newcomers are growing faster than traditional market leaders, driven by evolving consumer preferences.