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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

https://doi.org/10.24891/fc.28.10.2180

Elena A. FEDOROVA Financial University under Government of Russian Federation, Moscow, Russian Federation
ecolena@mail.ru

https://orcid.org/0000-0002-3381-6116

Lyubov' E. KHRUSTOVA Financial University under Government of Russian Federation, Moscow, Russian Federation
lehrustova@fa.ru

https://orcid.org/0000-0002-0884-2734

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

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