The Impact of the Experience Economy on the Sustainable Development Strategy of Companies in the European Union and Great Britain

Abstract

The relevance of the study of the experience economy is growing in view of global changes in consumer preferences and growing demands for environmental and social responsibility of businesses. The aim of the article is to analyses the influence of the experience economy on the companies’ sustainable development strategy with a focus on long-term development prospects. The research employed the methods of observation, data processing and analysis, analysis of secondary sources, comparative analysis, content analysis, statistical processing, and induction method. The research methodology is based on the analysis of consumer behavior in different regions of the world, identification of the role of digital technologies and personalization in creating unique customer practices. The features of global trends in the experience economy and the possibility of further integration into the companies’ sustainable development strategy are revealed. The results of the study show that the introduction of elements of the experience economy allows to increase consumer loyalty, the profitability of companies, and optimize their impact on the environment. The article examines the key challenges faced by companies during the integration of the experience economy. The results reveal the company’s need for technological innovation, personalization, and improving the quality of customer interaction. The solutions for building effective company strategies are proposed, which include the development of digital technologies, implementation of an individual approach and orientation to long-term sustainable development. The practical significance of the work consists in the formation of recommendations for companies on the optimization of their business strategies, taking into account the impact of the experience economy. Further research should focus on analyzing innovative approaches to creating positive consumer experiences.