Whether you operate your party hire and rental business in country is Australia, Canada, New Zealand, UK or USA, there is one marketing segment that could provide some growth opportunity.
The target segment to consider focusing your attention on is families in the mortgage belt or suburbs. There are three key factors that drive this analysis:
Vulnerability to Unemployment Risks
The OECD has forecast that the most vulnerable labour groups are the oldest, youngest and unskilled. As a generalisation the mortage belt is generally made up of middle aged couples with either technical, trade or professional skills. Hence based on the most recent OECD forecasts, these are the least likely to face unemployment risks.
Interest rates for mortgages across the board have fallen sharply over the last year. Some estimates show that this has meant that mortgage belt families have been able to free up a few hundred dollars per month. This saving to them is also being complimented by tax cuts in a number of countries.
Trend Towards Home Based Entertainment
There is a societal trend towards home based entertaining, rather than off premise entertainment. This trend has been accelerated by the recent global financial crisis.The home entertainment market is a target segment for party hire and rental companies. Another factor influencing the trend towards home entertainment. Whilst interest rates are coming down, so are house prices. So the overall sense of perceived wealth is declining, therefore home entertainment is seen as a low cost alternative to socialising.
A final point consideration in the potential growth of the home entertainment market is time. During the boom years, perceived wealth amongst home owners increased rapidly but at the cost of perceived time to spend with family and friends. Despite the increasing prosperity people seemed to work longer hours, unable to “find” the time to spend with family and friends. As we move into new economic conditions, how people make and spend their time will be worth watching. It may well create a new market opportunity for hire and rental companies.
Taking advantage of this segment is discussed in more detail in an earlier post Party Hire and Rental Companies could benefit from downturn.
HireEzy is the complete business management solution for hire and rental companies. Not only does it include digital marketing, web integration it also includes social media marketing tool integration.
How to Use Social Media Tools
Creating a Digital Marketing Platform
Marketing via WordPress
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