• June 24, 2024

What are the key trends shaping hospitality buying decisions?

What are the key trends shaping hospitality buying decisions?

What are the key trends shaping hospitality buying decisions? 1024 683 micebook.
Partner Content

Leading hospitality player Keith Prowse reveals key highlights from its recent research paper, BEYOND THE GAME, which analysed corporate and private clients to understand their motivations in attending a premium experience at sport, entertainment, and lifestyle occasions…

In a world filled with choices, what drives individuals to purchase or to attend a live event? Is it the sway of their social circle, the pull of cultural heritage, or does an event’s conscientious stance around environmental, social, governance (ESG) inform a sellout success and a packed audience?

That’s exactly what we wanted to know, so we quizzed a broad range of consumer and corporate buyers of buyers of business hospitality and VIP events, family days out and premium lifestyle experiences (with an estimated buying power on live events in excess of £40m per annum), to find out how lifestyle trends and generational dynamics are reframing premium experiences at UK sport and entertainment events.

Time is a key driver

Our findings revealed that quality, prolonged time together is a key currency in today’s ‘always-on’ world – 78% of respondents said they would rather receive the gift of time as opposed to a physical gift.

Spending guaranteed time together is a key driver for purchasing an experience across all generations. There is a recognition that enjoying an experience together provides more substantial long-term benefits and increases happiness by facilitating connections with others.

Premium experiences continue to be popular, due to the ease, elevation and access they provide. The Championships, Wimbledon remains a perennial favourite for all, and women’s sport in general is in distinct and growing demand.

There’s a clear pattern for personal purchases of experience days and premium experience events by those in the 18-44 age bracket, while over 45’s are using premium experience events for work and business entertaining.

Those in the older age bracket are also more likely to include their extended family when purchasing premium and luxe experiences, leading to a new trend of multigenerational days out.

Generational values

Widening generational diversity means events are having to appeal to a far broader reach of age groups, each with their own values. Younger generations (Generation Z and Generation Alpha) are consuming sport differently to their parents, which is forcing sports organisations to work harder to attract and retain fan interest.

Sports are responding by developing innovative new formats (think The Hundred), content  (think TikTok) and experiences  (think Keith Prowse’s premium-informal Skyline or Treehouse facilities!) that appeal to new audiences, whilst also ensuring that they maintain their traditional fan base. For example, electric-based sports e.g., Formula E, eSkootr, E1 Powerboat Series, will increase in popularity, reflecting the preferences of Gen Z and Alpha, growing up in a more environmentally conscious world.

This generation diversity is resulting in new broader sets of values, interests and dynamics that are reframing the traditional experience economy truly BEYOND THE GAME.

Read the full report here: BEYOND THE GAME





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