A recent survey from guest experience management expert HGEM indicated that 60% of consumers are looking to spend less on hospitality in January and February. Most likely to cut spending are those in Gen-Z (66%) or 46-55 (67%) age groups, whereas Millennials and customers aged 56-65 are less likely to cut spending, as that percentage drops to 56% and 51%, respectively.
Although consumer spending will likely decrease, there is an opportunity to boost winter trade, as 3 in 5 (61%) are either very likely or likely to return to their Xmas party venue in January / February if they had a great experience. In terms of what offers would entice consumers back even more, 43% of Gen-Z respondents prefer an affordable set menu, 39% of Millennials would be enticed back by a discount on the whole menu, whereas 38% of those within the 46-55 age group would most likely take advantage of an email voucher, perhaps sent as a thank you for booking a Xmas party.
Speaking of Xmas parties, HGEM found that only 44% of workplaces have confirmed they would be having an office Xmas party (up from 21% last year) and, surprisingly a third (36%) are yet undecided. This figure, as expected, is much lower than same time last year, when 55% weren’t sure if they would be having an office Xmas party.
The survey also asked consumers what factors influence the choice of the venue for the Xmas party, and the results are as follows. The top factor this year for influencing where consumers would have their Xmas parties is total cost, voted by 26% of respondents – followed closely by perceived value (23%) and meal quality (20%). The lesser factors were location (13%), entertainment value (12%) and novelty factor (6%).
