2023
9
Multicultural America: Leisure and Entertainment Market Report 2023
2023-07-14T04:06:27+01:00
OX1157941
3695
164992
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Report
en_GB
"Inflationary conditions are shaping consumer participation in leisure and entertainment activities. However, after years of restricted participation and an increased focus on mental wellness, consumers are looking more to trade-offs…

Multicultural America: Leisure and Entertainment Market Report 2023

£ 3,695 (Excl.Tax)

Description

“Inflationary conditions are shaping consumer participation in leisure and entertainment activities. However, after years of restricted participation and an increased focus on mental wellness, consumers are looking more to trade-offs than to complete cutbacks. From a multicultural perspective, activity preferences and associated benefits like leisure time being good for mental wellness hold across segments. However, as differences between demographics are nuanced, limiting scope to simply race and ethnicity when addressing leisure and entertainment would mean missing out on crucial insights.”

– Courtney Rominiyi, Multicultural Consumers and Culture Analyst

This Report looks at the following areas:

  • Activities enjoyed by consumers in and out of the home
  • The impact of inflation on leisure and entertainment spending
  • Barriers to participating in leisure and entertainment activities
  • Preferences for spending leisure time: alone vs with family, at-home vs out-of-home
  • Perceived connections between leisure and entertainments and mental health

Table of Contents

  1. Overview

    • What you need to know
      • This Report looks at the following areas
        • Definitions
          • Market context
          • Executive Summary

              • Top takeaways 
                • Market overview 
                  • Figure 1: Total consumer spending and fan chart forecast of leisure and entertainment spending, at current prices, 2017-27
                • Consumer trends
                  • Favorite at-home activities screen-based
                    • Figure 2: Most enjoyed in-home activities, by race and Hispanic origin, 2022
                  • Dining out is the favorite out-of-home leisure activity
                    • Figure 3: Most enjoyed out-of-home activities, by race and Hispanic origin, 2022
                  • Inflation impacted the leisure and entertainment decisions of 78% of consumers
                    • Figure 4: Impact of inflation on leisure and entertainment, by race and Hispanic origin, 2022
                  • Planning leisure and entertainment is a pain point
                    • Figure 5: Attitudes towards balancing responsibilities with leisure time, by race and Hispanic origin, 2022
                  • Opportunities and strategies
                    • Lean into multi-screening to provide additional benefits – like real discounts
                      • Leisure is important for mental health, opening opportunities to connect with those addressing wellness holistically
                        • Figure 6: Marvel Instagram page, 2023
                      • Appeal to kids to tap into family leisure time
                        • Figure 7: Kerrygold USA Instagram page, 2022
                    • Market Factors

                      • Shifting demographics favor greater inclusivity
                        • Figure 8: US population, by race and Hispanic origin, 2017-27
                      • Consumers focused on value as inflation impacts leisure spending
                        • Figure 9: Consumer price index change from year ago, 2020-23
                      • Leisure and entertainment spending is forecast to hit $1 trillion by 2026
                        • Figure 10: Total consumer spending and fan chart forecast of leisure and entertainment, at current prices, 2017-27
                    • Current Opportunities and Strategies

                      • Helping consumers find Enjoyment Everywhere
                        • Teaching finance via a video game: spotlight on Banco de Crédito del Perú
                          • Hiding discounts on the faces of reality show participants: spotlight on Mercado Libre
                            • Bringing social media comments to the real world: spotlight on NetEase Cloud Music, together with China Resources Group
                            • Multicultural America: Leisure and Entertainment – Fast Facts

                              • In-Home and Out-of-Home Leisure Activities

                                • Favorite at-home activities occur on screens
                                  • Figure 11: Most enjoyed in-home activities, by race and Hispanic origin, 2022
                                • Streamline the streaming experience
                                  • Integrating offline activities with streaming will garner the attention of Asian Americans
                                    • Movies are the most-commonly enjoyed type of video content; partnerships with other sectors can leverage this experience
                                      • Figure 12: Types of content watched, by race and Hispanic origin, 2022
                                    • Amplifying fandom by connecting fashion and entertainment: spotlight on Lacoste and Netflix partnership
                                      • Figure 13: Lacoste Instagram page, 2023
                                    • Real people, authentic personalities appeal to Black consumers
                                      • Food and drink brands can connect with Asian consumers through travel shows
                                          • Figure 14: Gordon Ramsay: Uncharted Facebook video, 2023
                                        • Top out-of-home leisure activities are food-focused
                                          • Figure 15: Most enjoyed out-of-home activities, by race and Hispanic origin, 2022
                                          • Figure 16: Nékter Juice Bar, May 2023
                                          • Figure 17: Food launches with new format and novel flavors, 2023
                                        • Novel food experiences appeal to Asian Americans
                                        • Inflation and Spending on Leisure and Entertainment

                                          • Inflation has impacted most consumers’ leisure and entertainment
                                            • Figure 18: Impact of inflation on leisure and entertainment, by race and Hispanic origin, 2022
                                            • Figure 19: Changes in leisure and entertainment behaviors due to inflation, by race and Hispanic origin, 2022
                                          • Though mindful of budgets, consumers still see spending on leisure valuable
                                            • Figure 20: Attitudes toward spending on leisure and entertainment, by race and Hispanic origin, 2022
                                          • Provide lower-cost or free access to leisure and entertainment through partnerships
                                          • Barriers to Leisure and Entertainment Participation

                                            • Cost is the top challenge, but planning is also a hindrance
                                              • Figure 21: Barriers to participating in leisure and entertainment, by race and Hispanic origin, 2022
                                            • Finding the right activity is a particular challenge for Asian Americans
                                              • Figure 22: Barriers to participating in leisure and entertainment: finding the right activity, by race and Hispanic origin, 2022
                                            • Cater to kids to appeal to Asian American and Hispanic households
                                              • Figure 23: Kerrygold USA Instagram page, 2022
                                            • Lean into existing interests
                                              • Planning leisure activities is a chore for 45% of consumers
                                                • Figure 24: Planning leisure activities and balancing responsibilities, by Hispanic origin and overall, 2022
                                              • Appeal to parents by communicating side benefits of out-of-home leisure activities
                                                • Figure 25: Skyzone Instagram page, 2023
                                            • Leisure and Entertainment and Mental Health

                                              • Lean into holistic health to manage wellness
                                                • Figure 26: Importance of leisure and entertainment on mental health, by race and Hispanic origin, 2022
                                              • Turning movie characters into workout partners: spotlight on Marvel Move
                                                • Figure 27: Marvel Instagram page, 2023
                                                • Figure 28: Marvel Move Coming Summer 2023 | Pre-order Now!, 2023
                                              • Bringing a mindful moment to a coffee break: spotlight on Headspace and Starbucks
                                                • Figure 29: Headspace Instagram post, 2021
                                              • Leisure time is ideally spent with family and at home
                                                • Figure 30: Preferences for spending free time alone vs with friends/family and at home vs out, by race and Hispanic origin, 2022
                                              • Lean into in-home multitasking to increase engagement
                                                • Uniting home-related leisure activities with out-of-home social connections: spotlight on Netflix and Starbucks
                                                  • Figure 31: Netflix Book Club with Uzo Aduba | Official Announcement Trailer, 2021
                                              • Appendix – Data Sources and Abbreviations

                                                • Data sources
                                                  • Market factors data
                                                    • Forecast
                                                      • Consumer survey data
                                                        • Abbreviations and terms
                                                          • Abbreviations
                                                            • Terms
                                                            • Appendix – The Market

                                                                • Figure 32: Total consumer spending and forecast for leisure and entertainment, at inflation-adjusted prices, 2017-27

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