Editor's note: China's experience market reached 18.4 trillion yuan ($2.7 trillion) in 2025, a 22.6 percent year-on-year increase. China.org.cn spoke to Wei Xiang, a researcher in the National Academy of Economic Strategy at the Chinese Academy of Social Sciences, about the development of the experience economy. Below are excerpts of the interview. The views don't necessarily represent those of China Daily.

The shift from buying goods to buying experiences marks a structural evolution driven by a growing demand for personalized and emotionally resonant consumption. The experience economy thrives on anticipation and the lasting memories created afterward.

Two major forces are fueling the rise of the experience economy. The first is the transformation of the broader economic structure. Demand for purely functional consumption has largely matured. What is growing now is demand for higher-level services and emotionally engaging experiences. People increasingly seek meaning, individuality and emotional resonance through consumption.

The second force is demographic change. Aging societies are reshaping consumption patterns. Older consumers tend to favor slower, more immersive forms of spending that emphasize enjoyment, health, culture and emotional fulfillment. This demographic shift also aligns with the development of experience-based industries.

The rise of the experience economy offers a broader lesson for both governments and businesses. The boundaries between production, consumption, services and experiences will increasingly blur. Future industries should create participatory experiences in which consumers themselves become part of the value-creation process.

The experience economy also generates new forms of personal value. One is cognitive value. Experiences expand people's horizons and reshape their understanding of the world. Personal growth does not result solely from meeting influential people or receiving external opportunities. Often, it is the direct experience itself that encourages individuals to improve their own perspectives and capacities.

Another is social value. Social interaction increasingly includes teamwork, openness, organizational abilities and other forms of noncognitive skills developed through shared experiences. In the future, social interaction may extend beyond human relationships to include interaction with intelligent machines and digital environments, creating entirely new forms of connection.

For the experience economy to remain sustainable, two capabilities are especially important. First, businesses must understand the relationship between functionality and emotion. Future competition will not depend solely on marketing, but also on the ability to measure, detect and respond to emotional change during production and service delivery.

Second, companies must develop stronger flexible customization capabilities. Businesses must have the ability to transform diverse emotional and experiential needs into scalable production systems.

Ultimately, the development of the experience economy will accelerate the transition toward higher-value service sectors and help drive the broader upgrading of economic structures. On the social side, it will enhance public well-being. Through thoughtfully designed experiences, individuals can enjoy a stronger sense of fulfillment, identity and emotional satisfaction. Such experiences do not necessarily need to be expensive.