2023 prize insights so far: Go big or live it up at home
Posted: July 2023
We often get asked what’s trending in prizes and promotions, so we thought we’d share a summary of what’s hot and what’s working at the moment. It’s clear that the cost-of-living crisis (along with a change in attitudes and habits since Covid) has impacted consumer expectations and preferences and it’s no surprise that this has impacted the prize ideation process too.
Here’s our latest insights to help keep your finger on the pulse when it comes to choosing the right prizes for your next promotion…
Don’t underestimate the power of life experiences.
We know too well how the pandemic restricted travel and there’s no question that people are more than making up for it now. That means they are actively searching for new, exciting experiences. Experiences that help them tick off their bucket list and destinations they can share on social media are always going to be a winner.
Holidays are always a winning idea.
Research by Which! has found that 46% of travellers are planning the same number of holidays this year as in 2022, with 41% going on more. Whilst the current economic climate is putting a kibosh on travel plans for some it doesn’t mean they don’t want to go away. In fact, demand for holidays is through the roof, returning to pre-pandemic levels. This makes holidays, for many, an unobtainable luxury, and as a result, a powerful prize solution.
The key is in choosing the right destination.
New York is still topping our charts as the #1 most requested international destination. With Central Park, the Empire State Building, Broadway and the Rockerfeller Centre at Christmas, it’s easy to see why. Check out our top tips and hidden NYC gems in our latest blog here.
Closer to home, Paris is still our most requested European destination. A short train ride from London, Paris oozes luxury, sophistication and romance, making it ideal for a weekend getaway. The eagerly awaited Emily In Paris season 4 and next summer’s Paris 2024 Olympics is only going to add to the desirability of this destination.
From ethical and sustainable travel to all-inclusive with a difference, see more on 2023 travel trends here.
Turn up the music.
With popular artists back touring, and festivals in full swing, live music and events are back with a bang. We’d be surprised if your Instagram feed hasn’t been flooded recently with the likes of Harry Styles and Elton John in concert (ours certainly has). Demand for tickets to these sell out events has increased in popularity, definitely since the pandemic and in particular over the last 9 months, especially amongst Gen Z, Millennials and now Gen Alpha too!
This just goes to show that there’s demand for ‘money can’t buy’, bucket-list worthy experiences and those types of prizes drive high levels of participation for the right audience.
One for the foodies.
We’ve seen a huge rise in demand for prize requests for new kitchen tech to help create delicious meals without the hefty price tag. Air fryers, halogen ovens, multi-cookers (a modern take on the pressure cooker) and electric mini-grills (yes, George Foreman’s back in fashion), digital recipe books, and supermarket vouchers are going down a treat right now.
And don’t forget Digital options too.
With a lot of people tightening their belts and cutting out the luxury of eating out. Prizes that are going to make spending time at home more fun and enjoyable are also on the rise. Who can resist the lure of a takeaway after a long week at work. Since the start of the year, we’ve seen Deliveroo and Just Eat vouchers surge in popularity, allowing consumers to have a cheeky treat and still save some pennies. It just shows that the idea of a takeaway is obviously too irresistible!
But in contrast multi reward vouchers so you’re providing choice, along with taking the pressure off a weekly supermarket shop, have been popular too. And proving it’s not about the size, a simple thank you and have a coffee on us with a Costa voucher for lower tier prizes have been very well received too.
In summary, elevating your consumers’ daily lives via digital prize rewards or must-have home tech, or creating a bucket-list worthy prize experience like the holiday of a lifetime or hard-to-get gig tickets are the prizes that seem to be working at the moment.
Choosing the right prize for your audience is essential to the success of your promotion. That’s why we pore over the data and pay close attention to changing trends, so we can give you the advice you need to choose a powerful driver for high engagement with your chosen audience. Want to discuss your next promotion with us in more detail – get in touch today on firstname.lastname@example.org