Technological advances will further redefine what it means to live, work, shop and play for consumers in 2040
– Michelle Evans
Entertainment venues need to undergo technological and design upgrades to prepare them for the experience-seeking consumer of 2040, according to research by Euromonitor International.
Commerce 2040 - Revolutionary Tech Will Boost Consumer Engagement outlines a vision for how consumers might live, work, shop and play in 20 years' time, exploring how technology could change the different consumer worlds of entertainment venues, home and retail.
Consumers are already moving towards demanding personalised experiences, and the report states that consumer expenditure on experiences is set to rise from US$5.8tn (€5.2tn, £4.8tn) to US$8tn (€7.1tn, £6.6tn) in 2030, using leisure, recreation, travel and foodservice as a proxy.
The challenge will be to keep delivering differentiated experiences that keep fans engaged and inspire them to return to entertainment venues event after event.
One concept that could take shape, says the report, is a virtual currency scheme to enhance loyalty in the entertainment industry: fans can earn points for attending events, spending at the venue, and promoting fandom on social media. Using the points, they could buy equipment for their avatar, get a boost in a related mobile game or use them as currency for on-site food, drink and merchandise purchases.
Optimised seating and data-combing technology will allow consumers to buy tickets in areas best suited to their preferences, such as family areas for those with young children, or singles sitting with other singles.
Even more than today, entertainment venues will have flexible designs, enabling them to shift from one event type to another, and operators will be able to adjust a venue's layout to meet the need for different food and delivery options.
The report also lists a number of "key features" that the entertainment venue of the future will have. These include biometric entry for season ticket holders, facial scanning of fans for tailored alerts, social media-worthy locations to make the experience exportable, food and drink delivery options to stationary fans, and AR layers that provide information on players and gamification options.
"Technological advances will further redefine what it means to live, work, shop and play for consumers in 2040," said Michelle Evans, global head of digital consumer research for Euromonitor.
"The digital darlings of the first part of the millennium like Uber, Airbnb and Facebook rose to prominence by leveraging technology to connect
consumers with providers and in turn introduced a new way of conducting business.
"The innovators of next-generation commerce of 2040 will face a different set of challenges. Outlets and venues will require not only a technological upgrade but a redesign to prepare for the consumer in 2040. Entertainment venues will deploy flexible designs to shift from one event type to another, with operators adjusting a venue’s layout to meet the need for different food and delivery options."