Recent research has revealed that Britons continue to spend less on purchasing material items, and more on experiences.
Not only must shops, pubs and restaurants adapt to this shift in culture, but so must businesses who have relied on gift vouchers and other traditional incentives to retain and reward their customers in the past.
Rise and dine
With consumers increasingly desiring spontaneous, unique and immersive entertainment, the rise of the “experience economy” is arguably one of the most important trends in Marketing. Companies offering these experiences as part of a seamless customer journey are reaping the benefits, notably when the dining industry sits at the heart of their Marketing campaign with spending in restaurants at its highest level in five years.
A recent survey carried out by VoucherCodes.co.uk revealed that the average diner is spending around £44 a week on eating out, with millennials happy to spend double this figure.
In addition to this, figures published by Barclaycard, who are responsible for processing half of the UK’s credit and debit card transactions, revealed that spending in restaurants has increased by 16%, while theatres and cinemas have seen a rise of 13%.
Don’t get left behind
With how the population spends its leisure time continuing to change, and social lives becoming more spontaneous, businesses need to be quick to adapt to meet their customers’ evolving needs.
Enhancing your customers’ leisure time and creating memories should be at the heart of any Marketing strategy, helping your business to become a touchpoint of their daily lives.
Michael Kalli, Commercial Director at The Dining Club Group comments;
“With the increasing trend of Britons valuing activities over goods and spending more of their money in restaurants and cafes as part of the ‘experience economy’, we help businesses adapt to this shift in culture by offering their customers up to 50% off dining at popular restaurant chains and thousands of independent gems.
We’ve seen that restaurants across the country are also capitalising on this trend, opening new sites at a record pace. We continue to increase our restaurant offering here at The Dining Club Group in line with this boom, currently working with over 10,000 dining destinations across the UK.”
How can you stand out from the crowd?
Leading the UK’s dining revolution, The Dining Club Groups’ memberships embrace the experience economy culture; offering a distinctive and versatile incentive to keep your customers with you for longer and increase their lifetime value.
As an innovative, cost effective alternative to gift vouchers and other traditional incentives, our dining memberships to tastecard, gourmet society and hi-life support businesses of all sizes in their Marketing campaigns and could help you to drive new customer acquisitions, retain customers and incentivise increased spend across your company’s products and services.
To learn more about how we could support your business, please fill out our contact form, email email@example.com or call 0800 304 7337.