HOSPITALITY & TOURISM
FOCUS FEATURE
Growing sector offers region a
welcome opportunity
And the heavy responsibility of looking after them while
they are here, to help maximise the enjoyment of their time with us, falls on the shoulders of the hospitality sector. A recent report into the state of the sector by Barclays
Corporate Finance found that while the UK has a significant appeal for international travellers, the increased convenience and value for money of holidaying in the UK are driving a rise in the number of staycations for Britons. It found that younger generations were willing to spend
more on experience and activities, while people aged 55+ tend to spend the most on accommodation and eating out. It also found that emerging sector trends both
domestically and globally are seeing the visitor evolve into the ‘experience economy’, thanks to a growing demand for tailored, highly personalised customer experiences based on food and curated visits. As tastes and technology evolve, providers which cater
for the visitor economy are continually being challenged by changing customer preferences, often based on age or demographic. This, therefore, makes it of critical importance for
operators to understand their core market audience, so they can tailor the experience to the wants of their ideal customers. This could, for example, take the form of introducing
smart technology to handle orders, bookings or check-ins, introducing loyalty schemes, using platforms such as Airbnb or Uber to offer customers a different way of buying services, or working strategically with partners to
offer experiences tailored to groups with specific interests – such as city tours or food and drink experiences which become the central part of their stay.
THE BUSINESS ANGLE Events and conferencing remain an important part of the region’s overall hospitality offering. Having a strong regional offering for the East Midlands is important on two fronts. Firstly, it means we can attract the big events to the
region, along with the big corporates that deliver them. Secondly, and perhaps most importantly, these events
then not only act as a further draw to bring business delegates, they also enable the region to showcase its best assets to potential investors and a much wider business audience. The annual UK Conference and Meeting Survey for 2019
revealed a robust and buoyant industry which generated an estimated expenditure of £20bn by conference and meeting delegates, while the average number of events per venue in 2018 shot up to 428. The conference and events sector, which includes
meetings, expos, gatherings, and special events, includes corporate and private functions that are held in a variety of venues, from hotels and conference centres to events facilities and party functions. One of the challenges in this sector is being flexible to
the individual needs of each party and offering appropriate solutions.
business network February 2020 71
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