It’s all in the family: 60% of customers willing to pay more at family-friendly businesses
4 out of 4 businesses noted an increase in revenue after implementing family-friendly measures, according to a survey.
The nationwide poll conducted by the Business for Families Council (BFC) revealed that 60% of consumers will make frequent visits to family-friendly establishments, and almost the same number are willing to spend an average 19% more at these businesses.
Results came in positive for businesses with family-friendly measures, with 4 in 5 such businesses reporting a significant 35%, 48% and 31% reported over 20% increase in patronage, customer loyalty and revenue respectively.
The poll was participated in by over 800 businesses and 1,200 consumers.
The survey results were announced at the second Businesses for Families Conference held at Grand Copthorne Waterfront Hotel earlier today.
Teo Ser Luck, Minister of State for Trade and Industry, attended as a guest of honor.
Mr. Teo urged businesses to invest in family-friendly initiatives, which the survey has shown to be a win-win proposition for businesses and families.
He also stressed the need for more family-friendly businesses to cater to family needs: “There are 4 critical elements in making Singapore a great place for families – government policies that focus on family well-being, public infrastructure and services that meet the needs of families, employers that allow work-life balance and businesses that cater to the needs of family customers."
The survey revealed that while businesses and consumers were unanimous in their opinion on the need to make the local business environment more family-friendly. only 67% think they are welcoming to families.
For businesses outside the community, 62% agreed on its importance but only 48% rated their business as family-friendly.