Unlocking the experience economy

Future Talks explores ways to drive growth in London's West End

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The UK’s experience economy is emerging as a quiet giant, valued at £300bn, according to the Heart of London Business Alliance (HOLBA), which represents businesses and property owners in the West End. From West End casinos to immersive theatre, the industry is no longer just entertainment – it’s a driving force behind Britain’s national output.

Once dismissed as frivolous, the experience economy is proving to be anything but. At last month’s HOLBA’s Future Talks event – Unlocking the Experience Economy: Driving Growth in the West End – at The Hippodrome Casino, London, sector movers and shakers came together to discuss how to shape a world-class West End.

During the presentations, Ros Morgan, chief executive of HOLBA, pointed to the planned development of more than 20,000 square feet of new casino gaming floors, along with more than £370m in hotel refurbishments, in the West End. This is expected to generate jobs and attract visitors, proving that fun is serious business.

“The experience economy is a key driver of economic growth here in the West End, and it’s only continuing to grow,” Morgan said, citing research showing that 57 per cent of people prefer to spend their money on good experiences rather than material possessions.

A highlight of the January event was the symposium panel chaired by Anna van Praagh, chief content officer, The Standard.