Complete Story
05/26/2023
Updates 05/26/2023: Ohio's Travel Industry and Current Travel Research
STUDIES SHARE THE IMPACT RETAIL SHOPS CAN HAVE ON MUSEUM EXPERIENCES (AS WELL AS OTHER EXHIBIT-BASED ORGANIZATIONS)
Key findings from IMPACTS, published May 25:
- Though the retail experience makes up 3% of total guest satisfaction, it also influences several other perception areas like entertainment experience (21%) and employee courtesy (11%).
- Why is that overall percentage so low? Remember, not everyone visits your retail shop. In fact, only 27% of recent guests at an exhibit-based organization report spending time in the gift shop.
- Of the 27% who recently visited a museum or attraction's gift shop, 82% said it positively contributed to their onsite experience. It boosted their overall satisfaction scores.
- And this is important because higher customer satisfaction scores are linked to additional visits and supporting the organization's mission.
- Studies also suggest when visitors experience a ‘peak-end’, they are even more likely to leave the museum with a positive view of their entire visit.
MASTERCARAD SHARES INSIGHT ON YEAR-OVER-YEAR GROWTH IN DISCRETIONARY SPENDING, WITH SPENDING ON EXPERIENCES AT THE TOP
Key findings from Mastercard Newsroom, fielded February 2023 :
- According to Mastercard SpendingPulse, U.S. retails sales (excluding automotive) were up 6.9% year-over-year (YOY) in February 2023.
- At a national level, top spending trends for February included:
- E-commerce, with sales continuing to climb up 13% YOY and in-store sales up 5% YOY.
- Experiences, remaining at top priority. Spending at restaurants (+14%), airlines (+16%) and lodging (+43%) experienced growth YOY. This reflects a suppressed growth in 2022 and continued demand for travel ahead of spring break season.
- Apparel and department stores, showing moderate growth. Apparel (+3.9%) and department store (+5.6%) sectors experienced modest year-over-year growth in February. Consumers have shown emphasis on pricing and value.
