Growing Revenue With the “Bleisure” Trend
While more people are back in the office than at any time since 2020, employees are still working in a remote and hybrid setting two to three times more often than prior to the pandemic. In fact, a study carried out by Upwork, an online freelance platform, revealed that remote work is still continuing to grow today, with nearly 25% of the American workforce expected to be remote at least three days per week in the next two years.
More flexible work locations offer employees the ability to work from anywhere, not just home. And with remote and hybrid work continuing to grow and gaining some permanency, hospitality sectors have much to gain.
The Chief People Officer for a rising financial technology firm captured the impact of the trend in her statement, “My hybrid work schedule offers the ability to take more frequent, shorter trips where I might work one day from the hotel and get a head-start on a long weekend. These are great moments for my family that simply were not logistically reasonable in the five-office day culture.”
The Arrival of “Bleisure”
“Bleisure” – the convergence of business and leisure – has attracted a growing number of professionals.
More hotels and restaurants are investing in “bleisure” trends by expanding lobby presences, improving seating, converting lightly used meeting spaces into expanded individual workspaces, and offering more food and beverage options to increase revenue streams.
“We offer an environment that is more comfortable, quieter, and overall better than the coffee shop. And we have good coffee, too!” says an operator of a regional hotel operation. “Since investing in these spaces, we’ve seen a 22% increase in repeat travelers, and the trend has significantly offset the falloff in business travel we’ve observed in the last five years.”
Investing in “Bleisure”
To capitalize on this trend, hospitality firms have already begun to invest in new infrastructures. Better Wi-Fi, PoS systems, electrical infrastructures (such as outlets and wireless charging), audio/visual equipment, workspace booking software, new furnishings, food service equipment, marketing technologies, and more.
Despite the immense opportunity, these projects are often slowed by limited budgets and economic concerns. But with a little creativity, you can overcome those obstacles, grow revenue, and differentiate against the competition. The key is to find an affordable way to match expenses to revenue growth opportunities. In short, a finance solution that preserves cash while you work to attract these new patrons could be the difference between a growth idea and actual growth.
