Families will spend more on IP-led experiences: report
A new report by the Thinkwell Group has said that families are generally inclined to visit and spend more on experiences featuring popular intellectual properties.
The third edition of Thinkwell’s annual Guest Experience Trend Report focused on consumers’ experiences at family-friendly location-based entertainment venues.
The study aimed to determine whether or not families would be inclined to visit an attraction more often and spend more money on purchases if they were branded with a specific IP from a major motion picture, television show, video game or book. To achieve this, the experience design group polled 1,032 adults with children, analysing their spending choices at these venues, specifically FECs, children’s museums, aquariums, zoos, and restaurants.
The study revealed that families would be more inclined to visit an attraction with major IP branding, however it also said that respondents would be less willing to spend an increased amount of money or time at an IP-specific educational experience versus an IP-specific entertainment experience.
The power of a strong IP was shown in the survey, with 76 per cent of respondents stating that they would enjoy an experience at an FEC more if it were infused with a recognisable brand. More than 62 per cent also said they were more likely to spend money on food, souvenirs, and merchandise if they included characters or imagery from a popular brand. In addition, 72 per cent also said they would visit more often if the attraction was based on a popular IP.
For children and museums, the statistics slightly differed. 61 per cent of respondents said that they would visit a children’s museum more often if there were exhibits based around popular kids' IPs, but only half said they would be willing to pay more for the privilege. For a more traditional museum setting, respondents said they didn’t think IP-specific exhibits would add much value or incentive to visit more often.
For a zoo or aquarium, branded properties show less strength, with respondents saying that the primary reason they visit a zoo or aquarium is to spend time together as a family and not to see new or existing exhibits. Just over 50 per cent of those surveyed said they would be willing to spend more on IP-branded merchandise, annual family passes and repeat visits if an IP was present in a zoo or aquarium.
“Thinkwell has believed in the power of an intellectual property in attracting and retaining guests since the very beginning of the company,” said Craig Hanna, Thinkwell’s chief creative officer. “This study highlights that the value of blockbuster brands and IP is only getting stronger, even in an increasingly crowded market, and that the public’s thirst for IP hasn’t been quenched yet.”
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