F1: Silverstone bets on premium with Michelin offering
The British Grand Prix has announced plans to boost its hospitality offering for its 75th anniversary amid widespread premiumisation in sports viewing.
Hospitality packages at Silverstone include Octane Terrace and Fusion Lounge, both are which aim to provide a “unique and premium experience” to guests.
Fusion Lounge promises premium drinks, live entertainment and a luxury vehicle display while Octane Terrace offers street food pop ups from Michelin chefs Andrew Wong, Angela Hartnett and Paul Ainsworth.
Both promise access to “the most exclusive” views on the circuit.
The packages don’t come cheap – they range from £400 to upwards of £3,000 – but a bet on demand for premium sports experiences is a safe one.
Spending on premium sports experiences has increased by 34 per cent since 2021, and the sports hospitality market is forecast to reach £23.5bn by 2030.
Fulham Premier League now offers a £20,000 hospitality season ticket, complete with access to a rooftop pool, free-flowing margaritas and caviar.
Packages like Silverstone’s proudly offer “top-tier” hospitality – Fusion Lounge promises the opportunity to “bump shoulders with compères, celebrities, and guest speakers”, plus after parties.
The move follows a shift to premiumisation in the wider economy, too – food, drinks and property companies have been increasingly pointing to Brits’ willingness to spend more money on fewer experiences.
The experiential leisure industry in the UK has been rapidly growing since the pandemic, with a 455 per cent increase in ‘combo’ attractions since 2020.
Client director at consumer intelligence firm CGA by NIQ Chris Sterling has called the shift towards experiences and events on of the “most important” dynamics “of recent times”.
“It’s turning a channel that was once considered a temporary niche into a powerful and permanent part of the market,” he said.
In the F1 arcade in London, for example, tickets start at £39 but rise to £110 for the premium experience – since opening three years ago, it has welcomed 850,000 guests – around 6,000 per week.