Consumer spending has seen a fall in recent years and a new trend has emerged, as people shift their expenditure from material possessions to experiences. This has led many L&D operators to boost the appeal of their venues by taking a multi-faceted approach.
For instance, no longer is a sports venue just a sports venue. Now they are diversifying, to include music / performance spaces, health clubs, visitor attractions, outdoor activities and even holiday parks. The trend looks set to continue across the sector, as businesses offering numerous reasons to visit are seeing improved performance, particularly those appealing to families.
Now consumers can fulfil more than just one excursion, such as a shopping trip and can instead enjoy the convenience of different amenities housed all under one roof.
This diverse offering has created a lucrative, mass market appeal, which in turn has helped to attract new investment into the leisure and destination sector. Combined with the increasing popularity of staycations amongst consumers and these multi-income businesses’ show great potential for long-term growth.
At Big Cat, we would recommend that existing operators look to opportunities in their own portfolios for expansion, to create a ‘day out’ experience that meets their specific consumer demands.