Live music could help push up sales in 2023
As the cost of living crisis squeezes spending, the report suggests people will prioritise live music when going out. Two thirds (68%) think it provides a great experience with family and friends on a low budget, while 47% say they would be likely to continue visiting venues with live music even if they were short on cash.
Karl Chessell, CGA’s director - hospitality operators and food, EMEA, said: “This year is likely to be another challenging one for hospitality and this research confirms the value of live music as an extra source of drinks sales, from younger adults in particular. With technology available to remove many of the hassles that are often associated with staging acts, this is a great time for operators to explore the potential live music provides.”
The value of live music is also recognised by the leaders of industry associations. Emma McClarkin OBE, CEO of the British Beer and Pub Association and non-executive director at GigRealm, said: “With the market challenges and changes to consumer habits, it’s vital that hospitality venues do all they can to increase their footfall and enhance their customer experience. Diversifying your offer to cater for different consumers and occasions is key.”
Tom Brady, CEO and co-founder of GigRealm, said: “As we enter 2023, many customers will be laser focused on wanting to experience the best hospitality has to offer, especially as we continue to navigate the cost-of-living crisis. Venues have an opportunity to use live music as a way to enhance customer experience, diversify their offering and providing customers with the one thing that cannot be replicated at home."
The full ‘Live Music in Hospitality’ report can be downloaded here.