Despite facing inflation, the family entertainment center market still sees solid growth. According to Global Market Insights, the market value is on par to reach over $70 billion by 2032.
Now is the time for FEC owners to truly understand what visitors want. While consumers still enjoy family outings, they are more discerning about it. Here are four ways adventure parks can better manage inflation spending trends.
Provide Unique Experiences
Allied Marketing Research states that consumer spending has increased, primarily by those seeking unique experiences. Companies like Meow Wolf echo this as they announce a Los Angeles expansion.
Retailers, tourism companies, and family fun parks are investing heavily in new technology-based experiences. Immersive Learning News says mixed and virtual reality attractions are increasingly popular in several industries.
Many FEC owners are reinvesting in their parks to truly set themselves apart. What makes your fun entertainment center unique, and how can you lean into it?
Offer Bargain-Friendly Fun
Although consumers are still visiting FECs, many are deliberate with their spending. Those customer types will need a sense of value to justify their latest family outing.
Chuck E. Cheese debuted a new membership program offering daily gaming, and food and beverage discounts. Walt Disney World also has new ticket structures aimed at lower admission costs and a focus on new attractions.
Because the FEC market is prone to high operating costs, owners must reevaluate their guest experience. Does your FEC provide enough unique experiences to keep families returning at your current price point, or do you need more budget-friendly promos and incentives to retain your customer base?
Pair Food and Beverage with Entertainment
While consumers are still dining out, they’ve noticed smaller portions and higher prices. As a result, many FECs are integrating food and beverage promotions into their experiences.
While alcohol sales help keep parks profitable, companies must be smart about beverage options. Theme parks like Wild Adventures provide alcoholic drinks, but they don’t aggressively advertise them.
Other companies sell gourmet meals or unique dining experiences guests can’t find anywhere else. A great example is Downtown Flavortown, which opened in Pigeon Forge just two years ago.
Including meals, snacks, and drinks with admission or attraction tickets provides increased value to consumers. Look for packages or discounts you could offer, even if only on certain days. Owners can also sell weekday specials or after-hours packages to attract other guest groups.
Reduce Guest Wait Times and Automate Transactions
In a post-COVID-19 world, consumers expect a streamlined experience for nearly everything. Whether it’s food delivery or theme park visits, guests need automated experiences. Although consumers are spending money, they want a great deal while they still feel the effects of inflation.
Verified Market Reports note that automated food and beverage sales improve visitor happiness and park efficiency. Even fast food chains, like Culver’s, now allow guests to order and pay at their table via their app. In exchange, brands use this data to predict future shopping behavior.
One way to manage inflation-weary customers is by improving their core experience. Search for ways to improve efficiency or streamline transactions to keep guests satisfied.
How LilYPad POS Helps FECs Adapt to Inflation Spending
Consumers still want to enjoy time with their family, even while on a budget. Companies must reevaluate admissions, experiences, and food offerings to keep guests happy.
LilYPad POS makes it simple to add new features to your park to keep up with the growing needs of your customers. Business owners can create membership tiers, print gift cards, and track inventory directly from the cloud.
Navigating inflation spending doesn’t need to feel difficult
Contact LilYPad POS to learn how we can help you improve your FEC.
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