Black Friday and Cyber Monday shopping events are at the front of retailers' minds as more Americans seek out and spend on experiences. Experience spending has been through the roof as many consumers are willing to spend more on in-person events like Taylor Swift's Eras Tour concerts. According to JLL's 2023 Holiday Shopping Survey, shoppers plan to spend 13.8% less on gifts and other holiday merchandise.

Sodexo Live! North America CEO Belinda Oakley joins the Live show to discuss the hospitality space and how consumers are willing to spend more when they are physically present at live events and stadiums.

"I think what's interesting, and we're seeing it in our venues, revenues are up close to 7%, 8%. Interestingly, it's not about the cost of the average transaction that's driving that, it's actually about the number of transactions," Oakley explains. "It's people wanting to take advantage of more experientially while they're in a venue or event, so they're going more often."

For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.

Video Transcript

AKIKO FUJITA: Belinda, this summer, we've been talking a lot about the success of Taylor Swift as well as Beyonce, these concerts. Consumers really wanting to get out and experience something. At the same time, though, we have learned increasingly that there's a limited amount of money, right, that they have to work with. I wonder what you're seeing in some of the stadiums you work with about a consumer's willingness to spend at an event. How have you seen that change up?

BELINDA OAKLEY: Yeah, absolutely. And it's funny you mentioned Taylor. If it's not a day ending in why we're not being asked about our Taylor Swift shows, we have a number next year. So it's certainly the event on everybody's tongue.

I think what's very interesting, and we're seeing it in our venues, revenues are up close to 7% - 8%. But interestingly, it's not about the cost of the average transaction that's driving that. It's actually about the number of transactions. It's people wanting to take advantage of more experientially while they're in a venue or an event. So they're going more often.

Now autonomous styles of service are helping to drive that throughput, as people are able to get a break, go and get either an amazing lavender haze cocktail, or pick up something from the snack bar, and still get back to their seats without missing the show. So we aren't seeing this slow in average spend. What we are seeing is an increase in number of visits to a food or a beverage outlet while at a venue.