The Monthly Download - Competitive Socializing
What is competitive socializing?
Competitive socializing is an emerging trend in the leisure and hospitality sector, where venues blend social activities with competitive elements.
Think axe throwing, mini-golf bars, bowling alleys, multi-attraction venues, and of course VR arcades.
This concept is gaining traction because we're now in the age of the experience economy, where consumers are on the hunt for new, exciting, and shared adventures.
Despite a general decline in discretionary spending, competitive socialization is thriving as it offers high-value social experiences and an escape from our daily pressures.
How big is the Competitive Socializing trend?
Competitive socializing concepts have grown 386% since the beginning of 2021 according to leading commercial real estate firm Cushman & Wakefield
Competitive socializing attractions are increasingly taking over former abandoned retail and office space including anchor tenants in shopping malls as retail developers seek to increase their proportion of entertainment space to keep up with consumer demand and diversify their offerings.
What's in it for property and business owners?
Competitive Socializing attracts a diverse audience of gen z and millennial friendship groups, families and corporate bookings that are willing to pay a premium for unique social experiences and provide footfall throughout the week.
It can provide a number of revenue streams in one venue to gain a greater share of wallet for the operator and diversity of offering for their consumers.
A KAM research report shows that 83% of consumers that have visited a multi attraction competitive socializing venue took part in multiple activities in the same venue.
There are tremendous organic marketing benefits as visitors share their experiences and bragging rights if they won on social media
Increase loyalty through memorable shared experiences, according to “feed it back”, competitive socializing outperforms the hospitality category in NPS.
Want to Capitalize on the growing Competitive Socializing Trend?
Contact the Zero Latency team below, If you want to know more on how to capitalize on this growing trend.