The concierge economy

Technology is rapidly changing everything in our world, including the economy. Some say that if trends continue, we will soon be living in a concierge economy. NC State University economist Mike Walden explains what that means.

“Technology is everywhere, and it’s fast paced and changing, and it’s obviously hitting the economy. And by concierge economy, this is an economy that many see coming down the pike, where it’s on demand. We will have a whole bunch of apps on our phone or other electronic devices. Let’s say you (are) ready for dinner. You punch an app, select what you want for dinner, and within 30 minutes it’s there at your doorstep. Or you need a package delivered, or you are obviously buying something online.

“The point is, that we will be traveling less from our home to where products or services are sold. Instead, the product or service will travel to us. And futurists see this as a big area for business expansion down the road. Payments, for example, will all be handled electronically in this concierge economy, so there’s going to be minimal transactions costs.

“So really what this means is that your purchases are on demand, when you want it. They are on time, and they are fast. And again many say this is the consumer economy of the future.”