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

This article discusses the concept of experience economy in a Scandinavian context and shows how the Scandinavian version of the concept has come about from a mix of three different approaches and theories. In the Scandinavian countries, the experience economy has been developed in a political context and is apparently a popular development policy for local government authorities and regions. The Scandinavian definition links the experience economy closely with cultural activities, and to the expectation of economic return and economic development. This article discusses the Scandinavian definition of experience economy and questions if it makes any sense. The definition of experiences is not clear, which makes the demarcation of the experience economy almost impossible and creates other difficulties in relation to policy. The article shows that the experience economy can follow three different routes to market value creation, and how the growth opportunities for the different experience industries will depend on at least three different trends. Therefore, it can be shown that only some experience industries 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 industries. The greatest growth potential resides probably in the broad value creation in association with the experience industries. However, the experience economy does not lend itself to any consistent definition.