TED Talk Review: "What consumers want" by Joseph Pine

I came across an amazingly intriguing business talk on the progression of economic periods and analyzing what consumers want. Joseph Pine gave this TED talk in ‘09 and I can even see the further development from what was true then.

What made his topic that much more interesting is how it ties into other aspects of life. He’s talking about economic success but the underlying principles of success are there. The two pictures below show the general points of his talk.

Before the industrial revolution a focus on controlling costs, maximizing quality, or rendering authenticity did not exist. Economic progression works in an interesting way. The prominent economic offering of a certain time period runs until it is completely commodified (people no longer care who makes or controls it, only price matters). When price is then relatively standard consumers need something else--individual customization. Mass customization signals a shift in what consumers are valuing.

In 2009 Pine shows how services are customized to offer experiences to the consumer. Disney, for example, is one of the main producers of "an experience". Now in 2016 I think experiences are beginning to become commodified. More and more businesses are controlling and putting a price label on what you can experience. After our society is prominently valuing experiences (we’re probably close to the peak), it should begin to be individually customized. You can already see it happening. The next stage of what consumers will value is emotion. With the rise of virtual reality and the integration of technology into nature, you can customize any experience you want. And why do you want those customized experiences? The emotion that comes with it. That probably will be the next stage in prominent economic offerings, selling emotions to people. What comes after we customize emotions? Hmmm.