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Convious shares pricing consumer study results

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Convious amusement park lifestyle

Operators can improve margins and guest satisfaction by utilising insights correctly

Convious, a leading eCommerce platform for the leisure industry, has unveiled the results of research into consumer attitudes to dynamic pricing for theme parks and tourist attractions. 

Conducted with market research experts Baker Richards, the study involved 550 adults in the UK who have been to at least one visitor attraction in the last year.

Less than a quarter of respondents to the survey indicated that they had heard of dynamic pricing before, indicating that it is not a concept that is well-known to the general public. However, when given samples of tickets with dynamic pricing, 80% of respondents opted to purchase right away.

Managing director for UK and Ireland at Convious, Andy Poveysays: “This fits with our experience in the real world – consumers like to get a deal and tend to purchase earlier when they are offered a lower price.”

The persuasion of money

One important discovery was that behaviour can be altered by pricing options as well as scarcity and uncertainty. When given the option to visit during a cheaper time of day, 42% of respondents said they would do so.

“Again this fits with our real-world experience. Attractions that use dynamic pricing to manage the distribution of visitors through the week and even the day, report increases in income and guest satisfaction”

The research’s key finding is that consumers need clear information to make an informed decision and comprehend how to profit from price changes.

“People generally accept that prices can be different at different times of day or days of the week or month. Venues that focus on communicating why the price has changed rather than the different prices are not answering the question that the guest is asking.”

Straightforward pricing

In response to some criteria for pricing variations, 68% disagree that costs should go up when a location is busier than normal, while 61% agree that prices should go down when it is less busy. Dynamic pricing works best when it is clear and straightforward and doesn’t overwhelm customers with options.

“Dynamic pricing has been a hot topic in the attractions industry for the past 5 years or so,” adds Povey.

Convious Family buying ticket

 “It is very easy to fall into the trap of assuming that Dynamic means increased, and while it’s true Dynamic Pricing does allow increases to ticket prices that is not the largest benefit. 

“When implemented correctly Dynamic Pricing can improve guest experience, broaden and diversify audiences and improve financial results for the venue.”

Educating brings benefits

Baker Richards chief executive Robin Cantrill-Fenwick provides further insight from its study:

“The research highlights something many attractions will recognise – there is intrinsic price sensitivity in the market because of the economic conditions. However, dynamic pricing is an increasingly popular tool which encourages visitors to book in advance, helping the attraction to predict and manage their costs, and providing a range of price points to the prospective visitor. 

“The experience in other industries has been that so long as prospective visitors are aware that prices are fluid but fair, they accept the practice and adapt their behaviour to take advantage of savings.

“By educating visitors into this way of thinking, destinations can manage capacity, increase visitor numbers and give guests a better experience by spreading visitor ingress. At a time when incomes are being hit across the board, dynamic pricing can arguably be fairer than a traditional concessions model, as it opens up lower prices to anyone who needs them – so long as they book early.”

The research and insights are available to download now on this link.

Convious’ managing director for the DACH region, Werner Dullmaier, recently shared why choosing the right attractions tech is key for destinations looking to grow.

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Adam Whittaker

Adam studied Marketing and Advertising Management at Leeds Beckett University. Originally from Lancashire and now based in Norfolk, UK, you can usually find him appreciating art deco design or on a roller coaster.

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