Low-Key Events Driving Hospitality Market
Corporate hospitality took a hit, along with most sectors of the economy, when the financial crisis ensued during the previous decade. But with economic
expansion accelerating since 2012, corporate hospitality is back as a force to be reckoned with. Spending on hospitality is up in every area, from
sports to customised corporate team building. Still, the resurgent hospitality market seems to be doing things differently this time around.
According to Buying Business Travel, what they call ‘business entertainment’ is doing very well these days. They cite examples such as the Rugby World Cup that sold 50% more packages last autumn than they did during the 2012 Olympic Games, and Chelsea FC that is selling season tickets and luxury box renewals at a record pace. The big difference now seems to be that clients are looking for more low-key and affordable events than they were in the past.
By 'low-key', we mean events that offer less expensive options like tickets only, as opposed to exclusively offering packages that include everything from pre-event drinks to a fully catered meal and behind-the-scenes meetings. It's not that those kinds of corporate hospitality packages are no longer desired, it is that some clients want less expensive options to choose from.
More Options, Wider Audience
It is easy to make the case that offering a wider range of options for a larger variety of budgets opens up corporate hospitality to a new audience. Take the average small business with just a handful of employees that really wants an opportunity to entertain customers at a football game. That business may not have the financial resources to book a luxury box along with all of the hospitality benefits it comes with. Yet that same business can afford to treat customers to game tickets and an off-site meal. Offering a tickets-only package brings them into the corporate hospitality fold.
As with any other industry, survival in corporate hospitality depends on recognising customer needs and meeting them. If customers are looking for less expensive options for sports, entertainment, and custom-designed hospitality events, the hospitality provider should be responsive and flexible enough to make it happen.
DTB possesses both the responsiveness and flexibility to meet the changing demands of the hospitality business. We can arrange virtually any kind of event for you, according to your interests and the constraints of your budget.
Sources:
- BBT – http://buyingbusinesstravel.com/feature/2625383-corporate-hospitality-everything-moderation
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