Trends that anyone in the hospitality industry needs to know
The events and hospitality industry is busier than ever in 2022, and your venue is in a prime position to drive revenue. If you want to increase bookings, it’s important to be on top of the right trends that are dominating the industry.
We’ve got 10 trends that you should be aware of to make sure you’re on top of your game and your booking calendar is full.
1. Consumers are planning multiple events in advance.
People are ready to party in 2022, and they’re partying a lot. In a consumer survey, 40% shared that they are planning between 3 to 5 events this year. And they spend a lot of time on the details to get these celebrations right; they start their event planning between 1 to 3 months in advance.
2. Event spending is going up.
In 2021, 62% of consumers said they were budgeting $5,000 or less on events. This year, they’re spending an average of $6,947 per event. This means more profit for venues and vendors in the hospitality industry.
3. Birthday parties are the most popular reason for celebration.
Whether they’re a milestone birthday or one of the years in between, birthdays are the top reason for holding events and celebrations. It’s not hard to see why: they’re easy to plan and can range from a group dinner to a buyout blowout. The upsell opportunities are limitless for birthday parties. Start with a basic bash and then offer extras like a signature cocktail, Instagrammable decor, or an over-the-top dessert.
4. Pictures (or videos) are worth a thousand words.
In the social media world we live in, visuals dominate our day. Whether it’s Instagram, Facebook, TikTok, or a website, we are constantly looking at videos and photos that tell a story. Images and videos play an important role in consumers’ decisions to book a venue. Photos and videos are two of the top five things consumers look for when selecting a venue.
5. Response time matters.
When consumers are planning events, they want to confirm details quickly. Venues need to act fast, as 92% of consumers said they would like a response within 48 hours. Don’t lose business because another venue was faster to respond.
6. Catering is in demand.
Consumers who are holding events at home are looking to professionals to handle food and beverages. 62% of consumers said they’re using catering from a catering company or a restaurant for their events. That’s up from 51% of consumers in 2021 who said they were booking catering for their celebrations.
7. Repeat customers drive holiday event revenue.
Corporate planners are all about loyalty when planning holiday events. 74% said they will be using a venue they have booked in the past to host holiday parties in 2022.
8. Hotels are the top choice among venues.
When asked where they prefer to host their events, consumers said that hotels are their No. 1 choice. That’s a shift from 2021 data when a third of consumers said they wanted to hold events at home. When it comes to holiday celebrations, corporate event planners said that hotel venues are their first choice, and 68% of planners said that hotel accommodations are included in their holiday party planning.
9. Corporate bookings and business is back at hotels.
Hotels are playing a big role when it comes to corporate travel, meetings, and events. 57% of consumers planned a trip for either business or business plus leisure travel last year. And for those who planned events at hotels, business events like meetings, conferences, and trade shows were in the top five types of events being organized.
10. You need event management software.
What’s the best way for your venue to manage all of the tasks involved in event planning? Event management software can help you track everything, from leads to contracts to detailed documents to payments. A solution that tracks that plus allows consumers to book an entire event themselves is even better — 61% of consumers said they were moderately to extremely comfortable booking the details online.
Get ready to fill your calendar for the rest of 2022
Take the information you’ve learned about these trends and apply them to your events business. Be sure to create event packages that appeal to consumer trends and create marketing that reflects what customers want. And take the time to research the right software that can help you manage every aspect of the event planning process.
Jonathan Morse is the Founder and CEO of Tripleseat, a catering and event management platform used by more than 15,000 venues each day, enabling them to streamline the planning process and increase sales. To date, the Tripleseat platform has helped venues book over 6 million events and capture $15 billion in event leads. To learn more about Tripleseat or to schedule a demo, please visit www.tripleseat.com.