Experience economy will help upgrade businesses

Editor's note: China's experience market reached 18.4 trillion yuan ($2.7 trillion) in 2025, a 22.6 percent year-on-year increase. China.org.cn spoke to Wei Xiang, a researcher in the National Academy of Economic Strategy at the Chinese Academy of Social Sciences, about the development of the experience economy. Below are excerpts of the interview. The views don't necessarily represent those of China Daily.

The shift from buying goods to buying experiences marks a structural evolution driven by a growing demand for personalized and emotionally resonant consumption. The experience economy thrives on anticipation and the lasting memories created afterward.

Two major forces are fueling the rise of the experience economy. The first is the transformation of the broader economic structure. Demand for purely functional consumption has largely matured. What is growing now is demand for higher-level services and emotionally engaging experiences. People increasingly seek meaning, individuality and emotional resonance through consumption.