The hospitality industry is on fire as a majority of restaurants and unique venues are diversifying their product offerings and expanding to include private dining and events. This means an opportunity for unprecedented revenue percentages! In order to stay ahead of the curve and streamline group and event business, they are leaning into the latest technology solutions.
Industry data trends are reflected in the infographic below. Here we’ve outlined some of the highlights:
- Venues are seeing on average 30 events per month and welcome 52 attendees on average at each event.
- Parties and events are bringing in lots of revenue. Venues that use Tripleseat increase their booking revenue by 30% or more.
- Hosts traditionally spend $130 per guest on events, making the committed revenue a strong reason to reserve space in your restaurant for private dining.
- Restaurants are investing in tech, as 58% of restaurant IT budgets are expected to increase in 2023.
As illustrated in the infographic, private dining and events significantly contribute to cash flow. Not only do they provide diversity to your core revenue model, but adding events will grow your restaurant or venue brand. And technology continues to play a huge role in the success of restaurants and venues.
Grow your revenue with the best event management software
Are you ready to grow your event business? Schedule a Tripleseat demo by filling out the form below to take a closer look at our event management features.