This year, the Irish Pub Company carried out a large body of research for Guinness, examining the factors negatively impacting on the Irish Pub Concept and presenting solutions to these issues.
One of the main issues facing the Irish Pub is evolving customer preferences.
The downturn in the Irish economy had a huge impact on Irish Pubs in Ireland; nearly 1000 pubs around Ireland closed in a 5 year period – a staggering amount. However, in Ireland we are seeing green shoots with the emergence of exciting venues, particularly in the main cities. However, publicans around the world need to capitalise on the customer trends and preferences of today if they are to rebuild themselves into a resistant and strong business offering.
Socialising has done a 180! The Pub business needs to now become event driven. Irish Pubs need to attract the Millennials.
The millennials are a large customer segment that Irish Pubs need to attract and keep on attracting. This group do not want to go to a pub, sit at the bar and sip on a pint. They want to spend their hard–earned money on events, on excitement and feel they are getting more than they can get at home.
Millennials are aged between 18 and 35 and as recently reported by the U.S. Census Bureau data they make up the largest share of the workforce in America – thus they are earners and are a population segment who should have disposable income, “More than one-in-three American workers today are Millennials (adults ages 18 to 34 in 2015), and this year they surpassed Generation X to become the largest share of the American workforce”. (Pew Research 2015)
TIME recently reported that levels of both male and female millennials still living at home has surpassed 1940 levels, this age group are struggling to even afford accommodation, let along spend their money on going to a pub– thus in order to attract them, the Irish Pub must offer something exciting and unique. (Time 2015)
Millennials are working hard to earn money and will think long and hard before parting with it.
Mel McNally, CEO of the Irish Pub Company, presented this year at several conferences about how the Irish Pub needs to revitalise in order to remain a remarkable business opportunity. Mel states:
“Although the economy is improving around the world, levels of disposable income are still at a premium and Irish Pubs need to sell an experience, not just alcohol. Today’s consumer is a savvy one and will not part with their money easily. They want more than they can get at home. They want to go to concept destinations and share new & exciting Gastro, Beverage and Event experiences with their peers.”
As the market leader in the design and build of Irish Pubs, we are the first to admit that the Irish Pub needs revitalisation and are ready to lead this next phase of pubs around the world. The Irish Pub Company have launched the Revitalised Irish Pub to excite the consumer, add value for the operator and to establish our Irish Pubs as beacons for quality. Read more about the Revitalised Irish Pub here.