Immersive experiences are growing in popularity
An estimated 1.6 million people in Scotland attended an immersive experience such as illuminated trails in the last 12 months, generating £233 million in for the Scottish economy and supporting more than 3,000 jobs.
The study, by Grant Thornton, found Scotland is home to a growing range of immersive experiences, including zombie-themed Botanics trail GlasGlow in Glasgow and Dynamic Earth in Edinburgh.
The Experience Economy Index, produced in partnership with Experience UK and academics from King’s College London, highlights the growing popularity of in-person experiences, particularly immersive, participatory events that give people an opportunity to escape and enjoy themselves.
Two in five of those surveyed said digital overload is making them more likely to prioritise experiences where they can enjoy themselves and feel more present.
Meanwhile, 38 per cent of UK adults say they are prioritising experiences to create lasting memories, 36 per cent to spend quality time with loved ones and 25 per cent to enjoy time away from everyday routines.
Economic modelling of immersive experiences in Scotland found that when supply chains and employee spending is taken into account, the true value to the economy is £463m.
Colin Park, tax partner at Grant Thornton UK, based in Scotland, said: “Scotland has always known how to put on a good show. Our heritage, our cities and our visitor economy give us a lot to work with, and attractions like Dynamic Earth and GlasGLOW as well as our incredible live music scene show what's possible when that is done well.
“Beyond the venues, £463 million of spending and around 3,030 full-time equivalent jobs supported tells us this is a real and growing part of the Scottish economy. And with 44 per cent of attendees eating or drinking locally and 40 per cent shopping locally, the benefit reaches the restaurants, shops and suppliers around them.”
He added: “The businesses that do best will think about the whole customer journey, not just the headline attraction, and will plan how they fund and structure that growth early. In my experience, owner-managed and privately backed businesses are often the ones that are nimble and hungry enough to move quickly and capitalise on high growth opportunities like the expanding experience economy.”
Grant Thornton research found that 40 per cent of people in the UK are increasingly prioritising spending on experiences over material things, rising to 54 per cent among 18 to 34 year olds.
Tom Middleton, economic consulting partner at Grant Thornton UK, said: “We’ve always loved a great experience – from Glastonbury and the theatre to visitor attractions and Oasis. But as AI and digital technology become an increasingly important part of how we live, work and do business, the value of shared, in-person experiences is growing too.
“The impact of the Experience Economy ripples far beyond traditionally experience-led sectors, extending into financial services, travel, hospitality, retail, technology and infrastructure. Businesses can learn from the report too, and creating more valuable and lasting engagement with customers by making interactions more memorable, accessible and connected across the wider customer journey.”