Updates 10/28/2022: Ohio's Travel Industry and Current Travel Research
NEW STUDIES SHOW CULTURAL ORGANIZATIONS MIGHT WANT TO RECONSIDER AGE FOR SENIOR DISCOUNTS
Key findings from Impacts, published Oct. 26:
- With an increase of Americans living longer and staying productive past traditional retirement ages, new data shows optimal price points for admission to museums and performing arts organizations.
- Many cultural organizations offer admission fees structured around different age ranges. However, these ranges are often calculated without using actual data or market research.
- Impacts Research studied 81 cultural organizations with an adult admission greater than $20 over the third quarter of 2022. Admission value is a measure of how much personal value was derived from the experience given at the time and cost of admission.
- The research presents a chart indicating that a respondent's belief that a cultural organization's perceived value is good or excellent at $20 or more stays relatively stable until age 70.
- Overall, there is generally no market-driven demand offering a discount to people younger than 70 years of age. In fact, visitors 65 – 69 in the United States have no statistically greater demand for a discount.
- Offering a senior discount before age 70 also discourages potential membership opportunities.