An economy... of pure imagination?

UK Hospitality Bar & Nightclub Conference 2019: 

The Imagination Economy, and what it means for hospitality 

Inside the Grade II listed Art Deco Troxy Hotel at last week’s Bar & Nightclub Conference, some of the industry’s leading names discussed the fascinating complexities of the Late Night Economy (LNE). Brexit came up a lot, as did the term ‘instagrammable’. But the words that really pricked up our ears were these: imagination economy. 

So, what is an imagination economy? 

It’s an economy where imaginative and creative thinking become the primary creators of economic value, rather than physical products. 

In other words, creativity becomes currency, opening up opportunities to push inventive boundaries and, for late night operators, provide consumers with an experience fit for fantasy. And this isn’t just future gazing, it’s something which many brands are already expertly delivering by focusing on experiential concepts.

Flight Club is the highest rated experience on Design My Night

According to Andy Crofts, Brand Design Manager at Design My Night, there’s been an 18% year on year growth in experience spend, with “quirky” reigning supreme as the most searched term on their website. What’s more, the popularity of Escape Rooms has increased by 1400%, positioning it as the fastest growing phenomenon since cinema. 

Considering what James Scott, Director of insights at Bibendum, said about consumers - that they want “less of better” - it’s hardly surprising that when we do go out, we’re expecting something not only instagrammable, but unique and memorable.  

Late night establishments are certainly up against it. Only 22% of people, according to Karl Chessell, Business Unit Director at CGA, want to go out on a Saturday night, with one of 2020's ‘Trends to Watch’ being no or low alcohol drinks. If what Alex Dawson of All Bar One claimed is true, that two thirds of millenials want to “change the world”, then this burgeoning sense of social responsibility will no doubt have a profound impact on the type of nightlife experiences consumers are craving. 

Nowadays, consumers demand engagement and stimulation like never before. This shift away from the company’s own channel towards the consumer’s journey is exactly what the imagination economy is all about. 

An experiential night out is about interactivity and escapism. It’s about taking part, snapping pictures, and thinking differently. We were thrilled - but not surprised - to hear that our client, Flight Club had been crowned as the highest rated experience on Design My Night. They also ranked second for page visits. 

Aside from its bespoke appeal, what consumers love about venues like Flight Club is the quality of its service. Staff are professional and personable, and work hard to ensure their customers are having the best possible time. Each experience is expertly managed; from your initial friendly welcome from front of house, to next day’s follow up email which includes a photo of you and your friends throwing arrows the night before. So, while innovation and imagination is what gets consumers through the door, it’s good old fashioned five star treatment that keeps them coming back. 

It goes without saying that this year’s Bar & Nightclub conference left us with plenty of food for thought. From how to make your mark in the hospitality industry, to what the implications of Brexit might be on the LNE, all bases were well and truly covered. Side note: don’t forget about the over 40s - they like to party, too!

But until robots outdo human imagination, the hospitality industry must keep applying focus to creativity and delivering unique, unforgettable night time experiences. Those are all uniquely human qualities, which means that finding and nurturing great people is essential to the imagination economy. 

Lara Businaro