Time is the richest asset for more than three quarters (78 per cent) of corporate and private clients, according to a new survey by corporate hospitality provider Keith Prowse.
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, and revealed how lifestyle trends and generational dynamics are reframing premium experiences.
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 per cent 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, said: “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.”
