Stuart WoodKeith Prowse, providers of sports hospitality to events such as the Wimbledon Championships, the Ashes and more, have released a new white paper titled ‘People Buy Experiences’.
The new research examines the future of the hospitality sector, and how what was once considered VIP has now become more accessible.
The paper underscores the importance of meeting face to face, showing that many sponsors and brands are using hospitality as a method of building trust with clients and customers.
Sam Coates, head of marketing for Keith Prowse, delivered a talk showcasing some of the results at IMEX Frankfurt on Thursday 23 May.
Among the key findings were that 40% of hospitality buyers were from small businesses, and 61% of attendees to hospitality events were from small businesses.
The industries which were most prominent for hospitality events were professional services, finance, construction and education.
When asked what reason buyers choose hospitality events, 31% said it was to build trust, while 27% said it was facilitate networking. 27% also said it was used to reward or recognise their members of staff.
The hospitality events people aspire to attend the most are tennis and rugby, according to survey results.
The closing remarks of the white paper state: “The automation of brand messaging is eroding trust between brands and their consumers.
“Brands want to meet their stakeholders and clients, and they increasingly understand that premium experiences that are rich in content and time help create the opportunity to engage face-to-face and re-build trust.”
You can read the full white paper at this link.