China's Economic Confidence Talk | Experiential Economy: Turning "Potential" into Thriving "Vitality"

This spring, a fresh breeze is sweeping through the consumer market, especially captivating. Some people take a helicopter to experience the novelty of VR flower viewing from above; some queue for two hours just to enjoy the slow-paced life of offline “bead-and-mosaic” activities; some step into a film and TV studio to immerse themselves as “a character in the story.” There are even many who travel to a city just to catch a performance… The experience economy is quietly heating up, bringing not only a fresh new look to consumer scenarios, but also revealing development potential that cannot be ignored.

This potential shows up in two dimensions. For ordinary consumers, it is the demand potential to satisfy people’s aspirations for a better life and improve the quality of everyday living; for the overall picture of economic development, it is the development potential to drive an upgrade in domestic demand and broaden the growth tracks. Once you understand these two layers of potential, you can clearly see the major trend of consumption upgrading today—and find the new engine for sustained growth in domestic demand.

People are willing to pay for the experience economy, and at bottom, it is because it aligns with the public’s aspirations for a better life and fits the profound shift in consumer logic. In the past, consumption focused on “buying goods,” and the core logic was “what you have” in the material sense. Now, more and more people are turning to “buying experiences,” caring more about “how it feels” in the spiritual sense. From young people being willing to pay a premium for a “first-time experience” and “a sense of atmosphere,” to second-generation anime fans choosing commissioned Cos tailoring for dedicated companionship, and then to parents enthusiastically taking their children to experience various metaverse VR projects—behind these seemingly diverse consumption behaviors, there is actually a clear and rational logic: consumers no longer are satisfied with passively receiving products and services; they are more eager to actively participate, engage deeply, and express themselves in a personalized way. This is not only an iteration and upgrade of consumption patterns, but also a distinct reflection of lifestyle and values.

The huge potential of the experience economy lies even more in the fact that it opens up a broad space for new consumption, becoming a key force to boost domestic demand and improve the quality and efficiency of consumption. The latest statistics show that in the first two months of this year, China’s retail sales of services increased by 5.6% year over year, clearly higher than the 2.8% growth rate of total retail sales of consumer goods. Taking Guangzhou as an example: in the 2026 Spring Festival, the share of service-based consumption and experience-based consumption in Guangzhou rose to 58.3%, for the first time surpassing goods consumption. Consumers’ acceptance of “new launches, limited editions, exclusive items, and high quality” improved significantly. This shift is a vivid reflection of the continuous release of domestic demand potential and the ongoing optimization of consumption structure.

Even more worth attention is that when consumers travel to a city for a performance and stay to experience a segment of immersion, what is driven is by no means a single stream of ticket revenue. Instead, it is the coordinated growth of the entire chain—dining, lodging, transportation, cultural and creative products, retail, and more—truly achieving “one industry thrives and a hundred industries prosper.” This closely aligns with the development approach in the national “15th Five-Year Plan for 2026” outline: “lead new supply with new demands, and create new demands with new supply.” The experience economy, by creating new scenarios and inventing new ways to play, activates potential consumer demand, promotes a virtuous interaction between consumption and investment as well as between supply and demand—thereby injecting a steady stream of endogenous momentum into keeping the domestic circulation running smoothly.

Of course, to ensure that “potential” keeps getting released and “vitality” keeps surging, the key is sustained innovation and refined operations. As consumer needs upgrade from “checking in for sightseeing” to “deep immersion,” the supply side must change with the times, adapt to local conditions, and pursue meticulous excellence. The Wing Chun experience courses launched by Wushu academies in Foshan, Guangdong, and the pottery handcraft experience offered by rural inns in Jingdezhen, Jiangxi, are both successful examples of deepening and improving experience by leveraging local cultural features. Only by digging deeper into the depth of regional culture, staying closely aligned with the emotional resonance points of the public, continuously refining content quality and optimizing service experiences, can the experience economy avoid the trap of homogeneous competition and escape the dilemma of “one-time consumption,” achieving the leap from “going viral” to “staying popular long-term.”

From “buying goods” to “buying experiences,” the experience economy, on the surface, is an iteration of consumption formats; in reality, it reflects the vitality and resilience of China’s vast market. One end is connected to the people’s aspirations for a high-quality life; the other end is connected to the driving force of China’s economy moving forward toward new progress. Looking ahead, we expect more cities and industries to slow down, settle their minds, and make the two words “experience” truly deep and fully realized. What we will see will not only be impressive numbers on the consumption ledger, but also a future of high-quality development that is full of warmth and texture.

(By Li Meiyán)

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