Hospitality Inndustry Experts At Your Service
The U.S. consumer savings rate @ 5% is the highest in about 15 – 20 years…
SO, if the consumer is saving more they must be spending less, right? Maybe.
It certainly stands to reason they are making adjustments and in doing so, their decisions and new point of references about when to spend and how much and with who just might be made in more sprinting – like fashion…meaning, quicker reactions, positively and negatively and if the latter, you know what that means…either no stay at your place or maybe a shorter visit.
We are in the process of preparing some overall training for a client and making some ‘shop calls’ in advance of our arrival. So far we are 0-2 in terms of successful calls when measured against some proven and well established criteria.
To cross the finish line on this point…
IF everyone on the front line – is not fully aware of the current consumer trends and how they are impacting their own discretionary spending decisions, you might be missing out on ways the consumer could be persuaded to spend with you, as opposed to increasing their already new highs of personal savings…
(off for bike ride # 2 of the day – who knows what I might encounter or think about on this one??)
by Jim Miller
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