In today's competitive landscape, understanding customer trends is essential for success. In our Global Leisure Perspectives 2023 report, we explore the evolving landscape of the leisure industry, providing insights in the four critical areas demanding the industry's attention:
Customer-centricity
We’re seeing customer sentiment switch from “buying from” to “buying into” brands. In customers’ eyes, value isn’t just about price and experience, but purpose. Innovation, incentivization and personalization, rooted in a data-led understanding of what makes customers tick, can inspire customer loyalty.
ESG
From the aircraft that fly to and from destinations; to the hotels, restaurants and must-see sights that attract millions of tourists every year, every action has environmental, social and governance (ESG) consequences. Leisure providers are engaging with ESG and working out how they can lessen their impact and make a positive difference.
The Singapore Tourism Board and the Association of Convention and Exhibition Organisers and Suppliers are working on an ESG framework, together with a data and analytics pilot, to collect, quantify and report carbon emissions from events. The goal is to generate actionable insights to enable net zero by 2050.
Technology
Technology is reinventing leisure. Virtual reality, extended reality and the metaverse are feeding customer appetite for more innovative and engaging leisure experiences.
Future metaverse experiences are unlikely to replace in-person experiences. But they may dramatically extend and deepen brand relationships and loyalty. Virtual worlds create opportunities for dynamic customer interactions, as well as new data streams that can inform efforts around customer acquisition, loyalty, and retention.
Mergers and Acquisitions
The pandemic hit hard, but a resilient industry has emerged. Though investors are encouraged by performance, deal appetite is not yet back to where it used to be. Alternative assets and new customer values are shaping investment decisions.
The leisure industry has been through a challenging time during and post pandemic. Download our report for more insights on strategies that businesses can deploy to ensure that their values reflect what their customers are looking for as the world moves on.
