Keith Prowse, the UK’s award-winning hospitality industry leader, has launched fresh insights into how lifestyle trends and generational dynamics are reframing premium experiences at UK sport and entertainment events.
The research paper – BEYOND THE GAME – analysed corporate and private clients to understand their motivations in attending a premium experience at sport, entertainment, and lifestyle occasions.
With a positive outlook on corporate marketing spends* and disposable income more likely to be spent on experiences rather than material goods, BEYOND THE GAME highlights clear generational differences nuanced by social circles, the culture and heritage of the event as well as its values and conscientious stance, that are ultimately impacting purchasing and attendance decisions. Key learnings highlight:
Time is our richest asset:
- 78% of respondents state they’d rather receive the gift of time as opposed to a physical gift.
- And when choosing an experience, guaranteeing time together is the predominant factor: it ensures that diaries are marked, plans are made, and unlike online get togethers, there’s a firm commitment to put in an appearance.
Premium is the hot ticket:
- People continue to choose premium hospitality experiences as it secures access, sites lines and quality food and drink.
- 45+ (Generation X and Boomers) are purchasing premium experiences for business entertaining.
- Gen Z and Millennials are going premium as it guarantees access to a sell-out event and gets them closer to the event’s talent or headliner. They want memorable moments, shared activities and social likes to underline their personal values through the experiences they choose.
- Quality time together requires an upscale food and drink offering with no queues and a wider focus on sustainability is another reason to buy.
New forms, formats and new fans:
· A new generation of consumers are being offered new formats of sports, immersive activations and music and lifestyle experiences. Conversely the ageing population is healthier and wealthier and, bucking perceptions, music festivals are as in for the over 50’s as they are for Gen Z.
· The Championships, Wimbledon remains a perennial favourite for all, women’s sport is in distinct and growing demand and 18-24 are showing their conscientious stance by looking in to E-Sports such as Formula-E and Gaming.
BEYOND THE GAME reflects and draws on the growing disparity in workers and consumers ages and how new values, interests and social dynamics are reframing the experience economy. For the full report: BEYOND THE GAME.
Sam Coates, Keith Prowse Head of Marketing, comments: “Analysis of purchasing data revealed shifting trends, prompting us to delve deeper into the factors influencing consumer choices. Research conducted highlighted a significant impact from generational attitudes. Society is moving away from valuing material possessions as a measure of success, and instead placing greater emphasis on personal fulfilment and experiences. This trend presents valuable insights for corporate businesses, who face an increasingly diverse workforce across generations. In response, we’ll be rolling out new concepts designed to address this evolving landscape.”
* Source: The IPA Bellwether report, April 2024.
