Where would your guest choose to spend their time?
“Spend their time” – when we think of time as money we think differently about what we want to do with that time. What activity would be most valuable to me, what would be the best investment, and am I getting good value? These are all questions we ask ourselves. They are also questions your guest asks themselves when they visit your attraction.
According to Joe Pine’s The Experience Economy this expenditure of time can be defined as Money Value of Time (MVT): “People talk about the time value of money, but there is a money value of time. What is the expenditure per minute for people at your experience, in admission fees, but also in F&B and memorabilia?”
We’ve used the calculation from The Experience Economy to work out what the MVT is for some of the leading UK experiences. This is how they rank against one another.