Today’s consumers have a strong preference for physical retail spaces due to the experiential factor. They want to be able to see, touch, and even smell or hear products before making a purchase. According to JLL’s 2024 Global Consumer Experience Survey, consumers are demanding unique and improved experiences from buildings and venues. These “places and spaces” must offer exceptional experiences in order to stand out from competitors and become preferred destinations.
However, it is not solely the responsibility of retailers to create unforgettable experiences; developers and investors also play a crucial role in designing and maintaining these destination spaces. The survey highlights that end-user experiences are becoming increasingly important in placemaking agendas as they drive footfall, consumer satisfaction, and spending.
Based on data collected from 3,200 respondents across four generations in 26 international cities, JLL provides insights into creating an appealing built environment.
Experience at the Heart of Places & Spaces
While people enjoy traveling for new experiences outside their home cities,
76% believe that their own city should also offer new experiences in order
to stay relevant. To differentiate real estate developments as “destination” places,
experiences should be tailored according
to local contentand target consumer base.
Integrate Experience Factors Across Developments
Factors such as values-alignment,”human connection,” personalization,”
and memorable moments can enhance the overall consumer experience.
When choosing an experience,
respondents ranked brand reputation
and recommendations highly after safety,
affordability,and accessibility.
Additionally,the desire for engagement with places reflecting one’s values was emphasized.
JLL suggests using data-driven approaches when building localized consumer
experiences.
Connect Digital & Physical Experiences
Combining digital technology with physical retail space has two benefits: it increases appeal among consumers while allowing for personalized experience based on individual preferences.This can be achieved through tools like phone apps or augmented reality devices which enhance overall customer experience.
Human-Centric Design Focus
Great design of places and spaces can create a sense of belonging, safety, and affordability. While respondents prioritize safety and affordability, they also value factors like “feeling able to settle down”and “selection of amenities.” JLL recommends creating pedestrian-friendly,
accessible,and healthy spaces that cater to all generations.
Value Shared Experiences
Humans crave connection; therefore,social and shared experiences were ranked as very important by the survey respondents.
The survey suggests that successful developments in the future will prioritize social activities alongside economic factors. Developments with a strong sense of community tend to perform better financially.
In Conclusion…
The survey highlights the importance of understanding consumer needs when implementing experience-led strategies in long-term development plans. As the global experience economy continues to evolve, there will be increasing pressure for innovation. Those who utilize data-driven insights and focus on creating exceptional experiences will transform their real estate offerings into resilient destinations that not only attract consumers but also drive long-term value.
