03 Mar Is the Higher Cost of Living Changing the Events Landscape?
The cost to attend a Taylor Swift concert was a staggering $2,424 USD per ticket, on average. This raises the question – how much are consumers willing to spend on entertainment? Will the rising living costs impact your ticket sales?
We’ve compiled a list of the top consumer trends that have emerged from 2022 that should be taken into consideration when marketing an event. Read on to learn about the most recent consumer trends and habits, as well as how you can captivate your audiences in 2023.
Are consumers still spending on entertainment?
Yes…but! Most ages and demographics still deem entertainment as important – whether that be going out for a drink or bingeing their fave TV series. But spending on going out has changed. According to The Growth Distillery, 88% of Australians continue to head out of the house, but only 33% intend to spend the same or more than they used to.
So, what does this mean for event organisers? How can we strike a balance between affordability and profitability?
Making Memories
When people attend events, they want to immerse themselves in an experience that builds personal memories and shared moments.
This could mean a once-in-a-lifetime or money-can’t-buy experience, an event that a consumer is personally interested in (e.g. a specific artist), an individualised experience that is tailored to a person’s passions.
Consumers will spend big $ on money-can’t-buy and one-off experiences.
Time with Friends & Family
Whether attending a concert, festival or sporting event, event-goers value spending time with family and friends. Events provide shared experiences that create memories and strengthen relationships. This is especially prevalent as people are still coming together after separation following the pandemic.
Because of this, event organisers should consider a ticketing strategy that includes group deals and highlight the social atmosphere of the event through marketing.
Budget Friendly Moments
As we continue to drag our feet through this phase of higher living costs, people are seeking cheaper ways to get out and have fun. It’s a fine balance for event organisers who need to turn a profit, but keeping affordability in mind is important to attract audiences and high attendance levels.
Consider rolling out ticketing in stages, including an acquisition for a pre-sale to subscriber to your database in return for a limited time discounted ticket, add-on or perk. This can help land early sales as well as provide data to use throughout the campaign.
How has the events landscape changed in the last year (and where’s it going)?
There are many things that have changed in the last year:
- Many events are still offering online tickets to events – whether it be live or access to the recorded sessions post-event. Whilst many B2B events are shifting away from virtual and hybrid events, it may be beneficial for some B2B events to maintain an online component if it can be commercialised or attract an international audience who might not otherwise travel.
- Following the release of hard lockdowns, there was a tsunami of reinstated and rescheduled events returning plus many new events. This continues on into 2023 with what seems to be event and concert announcements going live daily. There is a lot of competition for the ticket dollar, so it’s harder and more expensive to convert ticket sales from traditional marketing channels.
- Many events have responded to peoples’ desire for sustainable approaches to events. It’s now the norm for events to put a heavy emphasis on being eco friendly – this means everything from 100% digital tickets, no plastic onsite, refillable water bottle stations – and for outdoor events, minimising impact on land and wildlife. It’s important to weave this messaging throughout your campaign.
Where are we going?
- Are Netflix watch parties causing the end of events? Streaming services got BIG over lockdown and continue to eat a large portion of people’s disposable income. Event organisers need to find ways to get people back out and about. This could be as simple as continuing to show that they are practicing to be Covid-safe.
- People still want to feel a sense of joy and entertainment that will distract them from usual daily life. This could come in the form of VIP experiences, behind the scenes access, coffee or other little treats. Perhaps the best way to get people to head to events in the future is to create shorter, micro-moment events.
How can event organisers get consumers through the door?
Here’s a quick list of what can be done to help sell out an event:
- Offer early bird discounts or special promotions to incentivise early ticket purchases.
- Post more regularly on social media platforms to generate buzz and shares.
- Offer exclusive perks and reserve some VIP experiences for subscribers and loyal fans.
- Partner with nano-influencers (under 1,000 followers) to increase visibility and reach to niche audiences.
- Collaborate with local or likeminded businesses to create and cross promote package deals or discounts for attendees.
- Host contests or giveaways to encourage attendance and build engagement.
- Create engaging content, such as videos, blog posts and use social creators to film and share their own content about your event or product.
- Take advantage of word-of-mouth marketing by encouraging attendees to share content and reward them for inviting friends and family.
Overall, the event industry needs to continue to evolve to recognise the higher cost of living the return to our ‘normal’ busy lives to buy and attend ticketed events may impact sales and attendance unless. Because of this, it’s up to event organisers to stay up to date with current trends to make sure that they are attracting consumers in this competitive market.
Do you need help with marketing your event? Did you know that at Milestone Creative, we can help create a holistic marketing strategy and execute it, building the foundations for a successful event? Get in touch with us now to learn more!