The Nordic Approach to the Experience Economy: Does It Make Sense?

This paper discusses the concept of the experience economy in a Nordic context and shows how the Nordic version of the concept has come about from a mix of three different approaches and theories. Besides, the Nordic definition links the experience economy closely with cultural activities. In the Nordic countries the experience economy has been developed in a political context and it is apparently a popular development policy for local government authorities and regions. This paper discusses the Nordic definition of experience economy and questions if it makes any sense. The definition of experiences is not clear, and the definition of the word "economy" has different interpretations as well. In a narrow interpretation the term economy is related to market economic value, which is used in the political terminology. The paper shows that the experience economy can follow three different routes to market value creation, and how the growth opportunities for the different experience areas will depend on three different trends. Therefore, it can be shown that only some experience areas are growing, and the market value creation occurs in very different ways and to very different extents within, and in relation to, the different experience areas. The greatest growth potential resides probably in the broad value creation in association with the experience areas. But the experience economy does not lend itself to any consistent definition.