The experience economy, co-creation and its implications for the tourism industry and research

The choice of products and services customers can choose from today has been increasing. At the same time satisfying informed, networked and experienced customers is becoming more difficult. The demand side not only requires high quality goods and services but also customized content and unique experiences. In this so-called experience economy, the creation of value is at the core of economic exchange. Understanding co-creation, that is how value is created collaboratively by suppliers and customers, is becoming the dominant theme for managers striving for differentiation and competitive advantage. Some of the major challenges and implications with regards to the co-creation of experiences, the nature of involvement and the interaction between the firm and customers as equal problem-solvers will be discussed