Time Well Spent Putting money where the memories are

On a grey Thursday in late February, amid the usual swirl of policy papers and political speeches, something quietly radical happened at City Hall. The Mayor of London unveiled a new 10-year "Growth Plan for London" - a sprawling, ambitious roadmap for the capital's future. But tucked into its core pillars, beneath the expected language of innovation and infrastructure, was a phrase that's long shaped the city's soul but rarely its spreadsheets: experiences. For the first time, a major government-backed plan has formally recognised the experience economy not as a side act, but as a starring role in London's economic story.

"It's the first time a government has explicitly said the experience economy is essential for a global city's success," says James Wallman, CEO and co-founder of the World Experience Organization, (WXO) a global platform that connects innovators and organisations to drive the experience economy forward. "That's a major turning point."

This shift marks more than just a change in language. It's a clear-eyed embrace of what Londoners, and millions of visitors, have known instinctively all along: that it is the city's culture, events, theatre, music, food, sport and nightlife that not only shape its identity but drive its prosperity. From the roar of the West End to the quiet charm of Spitalfields to the Swiftie-fuelled surge that added £300m to the capital, London's most powerful export is no longer just finance or fashion - it's feeling.

Experientialism: More than a buzzword
The stats back it up. The UK's experience economy is already worth £134b a year, according to Barclays. In 2023, 17.1m people attended the theatre in London. For every £1 spent on a ticket, an extra £1.40 was pumped into the surrounding economy. Film tourism is also booming - 70% of UK visitors now include a screen location in their travel plans, and even fictional football clubs have real-world impacts: since Ted Lasso hit screens, footfall in Richmond is up by as much as 20%. We have long been told that happiness and success could be bought. Cars, clothes, gadgets - symbols of status stacked on shelves and in driveways. But today, a quiet revolution is reshaping that narrative. It's not about things anymore. It's about experiences. Wallman calls it "the move from materialism to experientialism." It's a cultural tipping point - one that's changing not just how we spend, but how we live. "Just as materialism underpinned the consumer revolution in the 1920s, I believe we're now seeing the rise of experientialism," Wallman explains, "an experience revolution that will transform our quality of life." Cultural attractions, festivals, music tours, food markets - these aren't side shows. They're serious business. Feelings, it turns out, are financially sound.

Experientialism, says Wallman, is a fundamental shift in values. Where we once sought identity and happiness through possessions, we now find them in moments. "We used to look for happiness and status in things. Now we find identity in what we do, not what we own." This isn't anti-capitalist. It's what Wallman calls "consumerism 2.0" - spending driven by meaning and emotion rather than accumulation. "If you want to scale, you still need a business model," he says. "But experiences are where you now create value." Study after study shows people derive more lasting happiness from experiences than material goods. Why? Because experiences create memories. They foster connection, not clutter.

From idea to impact: The World Experience Organization
Wallman's path to building a movement began during a stint advising the British government. As a sector specialist in the experience economy, he found himself asking a simple question: why wasn't anyone connecting the dots globally? "I said to the government, we should create a global organization for the experience economy. They said it was a lovely idea - and did nothing." So, he did it himself. In 2020, as the pandemic shut down physical gatherings, Wallman launched the WXO. Today, the WXO counts over 1,000 members in 44 countries - from museum curators and festival producers to game designers and wellbeing architects. Its mission is simple: to help its members create better experiences that make people feel more. "If you think about someone as just a customer or employee, you miss the point," says Wallman. "They're a person. They're on a journey. We design for that whole human experience."

Wallman sees experience as a new form of capital - one measured not in transactions, but in transformations. "Moments add up to lives," he says. "If we design better moments, we design better lives." This goes beyond branding. Whether it's a patient's path through a hospital, a guest's stay at a hotel, or a student's day in class, the experience - the feeling - is what lingers. "The most powerful concept is the hero's journey," Wallman explains. "If you see someone not just as a user, but as a protagonist on a transformational arc, your whole strategy shifts." It's an idea that's gaining traction across industries. In retail, it's driving immersive flagships. In education, it's pushing hands-on learning. In travel, it's what turns tourism into storytelling.

A cultural catalyst
Wallman's next ambition? To make London Experience Week, scheduled from Monday, April 28 to Friday, May 2, 2025, the Fashion Week of the experience economy. "Fashion Week became a cultural and economic engine - a moment that drove consumer interest, investment, and creativity," he says. "We want to do the same for experiences." The idea is to create a platform that not only showcases innovation, but drives business - a marketplace for experience-makers to collaborate, commission, and connect. "It's not just community anymore - now it's about commerce too. We want to make the connections that lead to more experiences in the world, and more money for the people creating them." Wallman believes the drive for experience is a response to deeper cultural needs. After years of burnout, isolation, and economic uncertainty, people want more than convenience. They want connection. "People want to feel alive," he says. "They want to be moved, challenged, inspired. We're just starting to realise how powerful experiences can be - economically, emotionally, culturally. In the 1920s, different sectors - fashion, home goods, autos - all learned from each other and drove a revolution in living standards. We're doing that again, but with time, with emotion. With memory." Just as Fashion Week turned fashion into a global economic force, London Experience Week aims to do the same for the experience economy, fueling innovation, growth, and shaping the city's cultural and economic future.

The future of experientialism
As the experience economy matures, Wallman wants to see experiences treated not as a by-product of other industries, but as a sector in their own right- — with their own strategies, standards, and investment. "Experience should be a line item in your budget," he insists. "Not tucked under marketing or HR. It's not just about external customer journeys or internal culture. It's about designing how people feel." For brands, that means more than delighting users. It means thinking in terms of story arcs, emotional resonance, even personal transformation. For governments, it means recognising that culture and creativity aren't fringe - they're infrastructure. In a world that feels increasingly disconnected, the experience economy offers a different kind of promise - one that values how we spend our time, not just our money. "It's about asking better questions. What matters? What makes life richer? What do people remember?" he says.

As London positions itself at the centre of this shift - with policies, festivals, and investment aligning behind experience - Wallman sees echoes of earlier revolutions. The kind that changed the way we lived, worked, and imagined the future. "We're moving from stuff to stories. From products to presence," he says. "And if we do it right, the results won't just be economic - they'll be human."