Convious, a leading eCommerce platform for the leisure industry, recently teamed up with tourism research consultancy Decision House to unveil research findings about how the ongoing economic situation will affect leisure destination visitation over the next 12 months.
Countries all around the world have been experiencing an economic downturn, as seen by rising inflation rates, which has had a significant impact on consumer price sensitivity. According to the UK Consumer Confidence Barometer, the public’s expectation for their financial status over the next year is at its lowest point in 15 years. This is echoed in Decision House’s poll findings, which indicated that nearly half (47%) of respondents felt worse off financially in September than they did the previous year at the same time.
Families’ growing financial concerns are having an impact on visitation, with an increasing number of those polled saying they will visit theme parks, zoos, historic places, museums, and gardens less frequently than last year, with 52% conveying concerns about visiting in September 2022 compared to 44% in June 2022.
The study also suggests that 21% of those polled are less inclined to renew memberships and season passes, and that free attractions will benefit as a result, with 35% planning to visit more frequently.
The tool of dynamic pricing
Convious responded to this study by providing practical suggestions on how destinations may optimise every phase of the visitor journey to build interactions with visitors and acquire more of them.
Convious’s managing director of UK and Ireland, Andy Povey said:
“This includes being honest and open about price and giving the customer choice, through initiatives like dynamic pricing. This is where the cost can be lowered during quieter times to enhance accessibility for all budgets.
“Destinations can also improve the perception of value for money through subscriptions, by communicating visitor value outside of the financial element, such as creating memories, and by unbundling items to reduce the cost of the initial sale.
“VIP events or those with limited supply are also a great way of generating FOMO, and think local, this is a crucial audience in the economic situation we find ourselves in for the foreseeable future.”
Time to maximise opportunities
Decision House director Steve Mills led the core research undertaking, which was commissioned by the UK’s Association of Leading Visitor Attractions (ALVA).
Mills said: “By making people aware of these predicted trends, we are aiming to give operators key data to understand their visitors’ future behaviours and support them with the tools they need to put practical plans in place that will allow them to maximise all opportunities, reach new audiences and communicate better value to the guests they already have, helping them to stand out from the competition.”
The research findings and a practical insights report can be downloaded on the Convious website.
The report was also explored in a webinar, hosted by blooloop, which can be watched on demand.
