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jerryking : experience_economy   8

Always seek out novelty — even at home
April 26, 2019 | Financial Times | by Tim Harford.

* The search for new experiences should not just be for our holidays.
* Japan: 10 days in a far-off land produces a richer treasury of detailed memories than 10 weeks back home. But why?
* Actively searching for new experiences --whether on holiday abroad or within your daily routine at home!!
* Novelty isn't just about mental stimulation. It also exposes you to opportunity.....Variation also reshapes the mental categorisation of experiences, so that freshness can be found within routine activities.
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While on an adventurous holiday, many people experience that strange sense of time having slowed down in the most pleasurable way, and of conversations that begin, “Was it really only yesterday that we . . . ?”

Ten days in a far-off land produces a richer treasury of detailed memories than 10 weeks back home. But what is behind this phenomenon?

Claude Shannon,in 1948, published one of his two profound contributions, A Mathematical Theory of Communication,.....a message can be compressed to the extent that it is predictable. ....(e.g. Ritualised conversations (“How are you?” “Very well, thank you. How are you?”) can be heavily compressed.....A movie can be compressed because, between cuts, each frame tends to resemble the previous one....Although the parallel is not exact, much the same thing seems to be going on with our memories of life. The brain is not a video recorder; we recall the gist. Sometimes the gist is very brief. If I get up in the morning at the usual time, eat my customary breakfast and catch my usual train to the office, why should my brain trouble itself to remember this day two weeks after the fact? The diffs are barely worth bothering with. In contrast, fresh experiences defy compression: the diffs are too big........Brian Christian, author of The Most Human Human, a book about conversations between humans and computers, speculates that if we’re seeking advice we should ask the person of whose answer we are least certain. If we want to understand a person, we should ask them the question to which we are least sure of their answer.
algorithms  compression  creativity  creative_renewal  economists  experience_economy  fresh_eyes  habits  holidays  insta-bae  Japan  mybestlife  novelty  non-routine  Slow_Movement  Tim_Harford  travel  unpredictability  vacations 
april 2019 by jerryking
How business is capitalising on the millennial Instagram obsession
July 13, 2018 | Financial Times | Leo Lewis in Tokyo and Emma Jacobs in London 12 HOURS AGO.

Japan's 21st century’s burgeoning experience economy, which is being driven by millennial consumers and transforming the landscape for businesses everywhere. Japan is not only an innovator in this economy but is also seen as a bellwether for​​ the likely tastes of ​China and south-east Asia’s swelling middle-class consumers......it is not just the quality of the food that attracts crowds to these cafés, but also the quality of the encounter. “That is why the tables are made to wobble,” she explains. “It’s designed so that when you have your pancake in front of you, you can see how fuwa-fuwa it is by how much it jiggles on the plate when the table moves. It is extremely, extremely satisfying to watch,” she adds. “It is what makes it an experience.”.....In Mori’s opinion — a view evidently shared by the customers currently queueing in the stairwell — it is not just the quality of the food that attracts crowds to these cafés, but also the quality of the encounter. “That is why the tables are made to wobble,” she explains. “It’s designed so that when you have your pancake in front of you, you can see how fuwa-fuwa it is by how much it jiggles on the plate when the table moves. It is extremely, extremely satisfying to watch,” she adds. “It is what makes it an experience.”.......In their influential 1998 article “Welcome to the Experience Economy”, American consultants Joseph Pine and James Gilmore argued that a marketable experience occurs “when a company intentionally uses services as the stage, and goods as props, to engage individual customers in a way that creates a memorable event . . . ” These experiences were, they went on, “inherently personal, existing only in the mind of an individual who has been engaged on an emotional, physical, intellectual or even spiritual level”.

This was seen as the logical next step from the service economy, itself an evolution from the industrial economy and, prior to that, the agrarian economy....In Japan, notoriously long working hours have made time-poverty one of the defining features of the country’s leisure sector. The market has responded, over many decades, by refining and packaging experience in the most efficient, deliverable way......The millennial generation — and the growth of social media — has taken this economy in some unexpected directions. Instagram is to thank for the birth of “Oshapiku” — a compound of “oshare” (fancy) and “picnic”, where the emphasis is on meeting up, dressing up and engaging in the most photogenic picnic imaginable......“Experiences are king,” the consultancy McKinsey stated last year in a report arguing that, “in recent years, faced with the choice of buying a trendy designer jacket or a shiny new appliance or of attending a show, consumers increasingly opt for the show and, more broadly, for experiences with their friends and families.”.......Japan’s experience economy has evolved along two distinct avenues. On one side an already fully fledged leisure, dining and hospitality sector has sought ever more inventive ways of packaging experience — from hotels staffed by robots and limited-edition Shinkansen bullet trains fitted out with Hello Kitty decor to many of the country’s aquariums offering the opportunity to camp overnight surrounded by the relaxing pulsations of bioluminescent jellyfish.

The other side, says Mori, has to an extent developed as a branch of Japan’s “otaku” culture. This originally referred to the obsessive focus on particular areas of popular culture such as animation, video games or comics but is now more generally applied to a tendency to single-minded connoisseurship......“There are actually three sides to the experience economy in cosplay,” says Eri Nakashima, the manager of the Polka Polka second-hand cosplay costume store in central Tokyo. “There is the basic passion for becoming a different character from the one you are in everyday life; there is the participation in a community that shares that; and there is the creativity of making the costume perfect.”

This notion of community has become a pattern of growth for the experience economy. .......Shopping remains a huge draw for these tourists: the country’s retailers continue to thrive on the high average spending (£1,000) of middle-class visitors from China, Taiwan, Vietnam and elsewhere. But, by the end of 2017, when the government’s target was obliterated and 28 million tourists arrived during one year, it was clear that Japan’s long history of perfecting short, sharp experiential offerings — from onsen springs to pancakes — had won a new generation of admirers from overseas....Japan’s tendency towards connoisseurship — part of the reason that queueing for an experience is often regarded as a necessary ingredient to enjoyment — continues to be a powerful part of its appeal. The country’s manufacturers have long made a fetish of monozukuri — the quality of “thing-making” artisanship — to actively encourage people to own more stuff. But today the instinct to collect and accumulate things has, she says, been replaced by a desire to collect and accumulate experiences — and, in time-honoured Japanese fashion, to building ever larger libraries of images......Japanese companies Canon, Olympus, Konica, Minolta and Nikon were some of the most successful camera makers on the planet: the passion behind them was not just about the physical machinery but about a recognition that picture-taking dramatically enhances the consumption of experience....Insta-bae became not just a description of something you had seen but an explicit target to seek out. The experience economy, says Harada, is increasingly built around people going in search of experiences that are insta-bae.
bellwethers  cosplay  experiential_marketing  experience_economy  image-driven  Instagram  Japan  Japanese  millennials  obsessions  novelty  self-absorbed  visual_culture  connoisseurship  end_of_ownership  Joseph_Pine  James_Gilmore  artisan_hobbies_&_crafts 
july 2018 by jerryking
The Experience Economy - NYTimes.com
February 14, 2011| NYT| By DAVID BROOKS. Tyler Cowen’s e-book,
“The Great Stagnation,” has become the most debated nonfiction book so
far this year. Cowen’s core point is that up until sometime around 1974,
the American economy was able to experience awesome growth by
harvesting low-hanging fruit. There was cheap land to be exploited.
There was the tremendous increase in education levels during the postwar
world. There were technological revolutions occasioned by the spread of
electricity, plastics and the car. But that low-hanging fruit is
exhausted, Cowen continues, and since 1974, the United States has
experienced slower growth, slower increases in median income, slower job
creation, slower productivity gains, slower life-expectancy
improvements and slower rates of technological change.
David_Brooks  book_reviews  books  economic_stagnation  technological_change  downward_mobility  economists  economic_downturn  the_Great_Decoupling  slow_growth  '70s  experience  experience_economy 
february 2011 by jerryking
The 100 Best Business Books of All Time: More on The 100 Best Archives
May. 14, 2009 | The Globe & Mail | by Harvey Schachter.
Reviews "The 100 Best Business Books Of All Time", by Jack Covert and
Todd Sattersten, Portfolio, 33 pages, $28.50. Selection criteria start
with the quality of the idea. Is there something new? Does the idea
support or contradict what we intrinsically know about business? The
second factor was the applicability of the idea for someone in business
today.
booklists  business  book_reviews  Harvey_Schachter  best_of  books  Joseph_Pine  James_Gilmore  experience_economy 
may 2009 by jerryking

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