+7 925 966 4690, 9am6pm (GMT+3), Monday – Friday
ИД «Финансы и кредит»






Finance and Credit

Approaches to the interpretation of the classical model of the experience economy

Vol. 28, Iss. 10, OCTOBER 2022

Received: 15 September 2022

Received in revised form: 29 September 2022

Accepted: 13 October 2022

Available online: 27 October 2022

Subject Heading: THEORY OF FINANCE

JEL Classification: Z00

Pages: 2180–2200


Elena A. FEDOROVA Financial University under Government of Russian Federation, Moscow, Russian Federation


Lyubov' E. KHRUSTOVA Financial University under Government of Russian Federation, Moscow, Russian Federation


Subject. This article deals with the theory of the experience economy and its place in the system of modern economic models.
Objectives. The article aims to substantiate the need to develop tools to support and stimulate the experience economy in Russia.
Methods. For the study, we used a content analysis, aspect analysis, and systematization of approaches of Russian and foreign authors.
Results. The article systematizes the results of research of domestic and foreign authors, complementing the classical approach to the interpretation of the content of the experience economy. It also substantiates the relevance and significance of the study of the experience economy in the conditions of the present-day realities of the Russian economy, taking into account the sectoral aspect.
Conclusions and Relevance. The classical model of the experience economy and the traditionally identified spheres of consumer experience get reflected in various sectors of the economy. The concept of the experience economy is the basis for the development of applied tools aimed at achieving a certain reaction of the consumer, which determines the prospects for the development of the experience economy in Russia. The study results obtained are the theoretical basis for the development of applied industry tools to support and stimulate the experience economy in Russia, and can also be used to further conceptualize the theory of the experience economy.

Keywords: experience economy, consumer experience, customer loyalty, text analysis


  1. Pine B.J. II, Gilmore J.H. Welcome to the Experience Economy. Harvard Business Review, 1998, vol. 76, no. 4, pp. 97–105. URL: Link
  2. Sichkar' T.V. [Typology of economies: An attempt to build a new concept]. Vestnik Evraziiskoi nauki, 2020, vol. 12, no. 2, p. 69. (In Russ.) URL: Link
  3. Hwang J., Lyu S.O. The Antecedents and Consequences of Well-Being Perception : An Application of the Experience Economy to Golf Tournament Tourists. Journal of Destination Marketing and Management, 2015, vol. 4, iss. 4, pp. 248–257. URL: Link
  4. Liu F., Lai K.-H., Wu J., Duan W. Listening to Online Reviews : A Mixed-Methods Investigation of Customer Experience in the Sharing Economy. Decision Support Systems, 2021, vol. 149, 113609. URL: Link
  5. Dieck M.C., Jung T.H., Rauschnabel P.A. Determining Visitor Engagement Through Augmented Reality at Science Festivals : An Experience Economy Perspective. Computers in Human Behavior, 2018, vol. 82, pp. 44–53. URL: Link
  6. Mehmetoglu M., Engen M. Pine and Gilmore's Concept of Experience Economy and Its Dimensions: An Empirical Examination in Tourism. Journal of Quality Assurance in Hospitality and Tourism, 2011, vol. 12, no. 4, pp. 237–255. URL: Link
  7. Chang S. Experience Economy in Hospitality and Tourism: Gain and Loss Values for Service and Experience. Tourism Management, 2018, vol. 64, pp. 55–63. URL: Link
  8. Boo S., Busser J.A. Tourists' Hotel Event Experience and Satisfaction: An Integrative Approach. Journal of Travel & Tourism Marketing, 2018, vol. 35, iss. 7, pp. 895–908. URL: Link
  9. Sipe L.J., Testa M.R. From Satisfied to Memorable: An Empirical Study of Service and Experience Dimensions on Guest Outcomes in the Hospitality Industry. Journal of Hospitality Marketing and Management, 2018, vol. 27, no. 2, pp. 178–195. URL: Link
  10. Scott N., Laws E., Boksberger P. The Marketing of Hospitality and Leisure Experiences. Journal of Hospitality Marketing and Management, 2009, vol. 18, iss. 2-3, pp. 99–110. URL: Link
  11. Bharwani S., Jauhari V. An Exploratory Study of Competencies Required to Co-Create Memorable Customer Experiences in the Hospitality Industry. International Journal of Contemporary Hospitality Management, 2013, vol. 25, iss. 6, pp. 823–843. URL: Link
  12. Porotnikova N.A. [Economy of impressions and management of consumers experience in the restaurant market]. Ekonomika i upravlenie = Economics and Management, 2011, no. 12-2, pp. 81–87. URL: Link (In Russ.)
  13. Lai I.K.W., Lu D., Liu Y. Experience Economy in Ethnic Cuisine: A Case of Chengdu Cuisine. British Food Journal, 2020, vol. 122, iss. 6, pp. 1801–1817. URL: Link
  14. Sidali K.L., Kastenholz E., Bianchi R. Food Tourism, Niche Markets and Products in Rural Tourism: Combining the Intimacy Model and the Experience Economy as a Rural Development Strategy. Journal of Sustainable Tourism, 2015, vol. 23, iss. 8-9, pp. 1179–1197. URL: Link
  15. Quadri-Felitti D., Fiore A.M. Experience Economy Constructs as a Framework for Understanding Wine Tourism. Journal of Vacation Marketing, 2012, vol. 18, no. 1, pp. 3–15. URL: Link
  16. Duan B., Arcodia C., Ma E., Hsiao A. Understanding Wine Tourism in China Using an Integrated Product-Level and Experience Economy Framework. Asia Pacific Journal of Tourism Research, 2018, vol. 23, iss. 10, pp. 949–960. URL: Link
  17. Abankina T.V., Nikolaenko E.A., Romanova V.V. [Economic potential of the sphere of culture and leisure in Russia and the OECD countries]. Zhurnal Novoi ekonomicheskoi assotsiatsii = Journal of the New Economic Association, 2020, no. 2, pp. 98–117. (In Russ.) URL: Link
  18. Lee H., Jung T.H., Dieck M.C., Chung N. Experiencing Immersive Virtual Reality in Museums. Information and Management, 2020, vol. 57, iss. 5, 103229. URL: Link
  19. Geng J., Guo Y.-L. App Types, User Psychological and Instrumental Needs, and User Experience in the Sharing Economy: An Empirical Research. Entertainment Computing, 2022, vol. 41, 100467. URL: Link
  20. Mehrjerdi M.F., Hosseini A., Mansourian H. Toward a Place Quality Manifesto with the Experience Economy Approach. Cities, 2022, vol. 121, 103483. URL: Link

View all articles of issue


ISSN 2311-8709 (Online)
ISSN 2071-4688 (Print)

Journal current issue

Vol. 29, Iss. 11
November 2023