The Party In Full Swing For Restaurants
The Holiday event season might be over, but the party continues well past December for restaurants and hotels. Private events, banquets and corporate meetings took a serious downturn from 2009 to 2012 with many feeling, well, like, that the party was over.. permanently. With 2013 restaurants, hotels and unique venues started to see a rebound in holiday bookings and events all year. Restaurants in particular are coming back even stronger than than the previous high levels of 2008.
Tripleseat, a Sale and Event Management web application for restaurants has been tracking it’s over 1,000 venue customer’s sales and booking for the last four years and is seeing the event business trend upwards. In 2014 the average price for an event increased by 40%, by comparison 2013 only had a 10% increase over 2012. The average price each person pays also rose by 6% in 2014 which means that party goers were having a good time eating and drinking.
People seem to be in the party mood all year along too. In 2014 there were 30,000 plus private parties, banquets and meetings a month. The month of December was the most popular month while July was the slowest. 2015 does not look like it is slowing down anytime soon with increases in average event and price per person already ahead of 2014 highs.
Make no mistake about it, private events and banquets is serious business for restaurant, hotels and unique venues. For restaurants, the event business represents over 30% of their annual revenue and is much more profitable than a a la carte person. A large majority of restaurant owners was caught by surprise in 2009 and now take “holiday business” much more serious employing Event Sales Managers to focus on growing their event business.