Asia's 'Wolf Market' Lets Patrons Drive the Prices of Drinks Up or Down
Laura McQuarrie — July 16, 2016 — Unique
References: wolfmarket.hk & thedrinksbusiness
Hong Kong's 'Wolf Market' is a unique Wolf of Wall Street-inspired cocktail bar where the prices of drinks increase or decrease based on their popularity. Cocktail names are displayed on an LED screen like stocks and fluctuate by about HK$3.
As 'Asia's Stock Market Bar,' Wolf Market has an every-changing price list for its drinks based on supply and demand. This means that if a few patrons order a popular drink, it drives the cost up. Similarly, drinks that aren't selling well will be priced lower. Fortunately, when the drink prices reach a "trading-day high," the Wolf Market "crashes" and costs return to lower, more affordable prices.
For those who prefer not to take their chances, Wolf Market' also has an upstairs area called the Trader’s Bar that functions as a fixed-price cocktail lounge.
As 'Asia's Stock Market Bar,' Wolf Market has an every-changing price list for its drinks based on supply and demand. This means that if a few patrons order a popular drink, it drives the cost up. Similarly, drinks that aren't selling well will be priced lower. Fortunately, when the drink prices reach a "trading-day high," the Wolf Market "crashes" and costs return to lower, more affordable prices.
For those who prefer not to take their chances, Wolf Market' also has an upstairs area called the Trader’s Bar that functions as a fixed-price cocktail lounge.
Trend Themes
1. Dynamic Pricing - The 'Wolf Market' bar's fluctuating drink prices based on popularity reflect a trend towards dynamic pricing in the hospitality industry, presenting opportunities for other businesses to implement similar pricing strategies.
2. Gamification - The 'Wolf Market' bar's stock market-inspired concept, where patrons can drive drink prices up or down, demonstrates the potential for gamification in the food and beverage industry, allowing customers to actively participate in the pricing process.
3. Interactive Experiences - The 'Wolf Market' bar's LED screen displaying cocktail names and fluctuating prices creates an interactive experience for customers, showcasing a trend towards immersive and engaging experiences in the entertainment industry that can be leveraged by other venues.
Industry Implications
1. Hospitality - The dynamic pricing model of 'Wolf Market' bar introduces innovative pricing strategies that other businesses in the hospitality industry can adopt for increased revenue and customer engagement.
2. Food and Beverage - The gamified concept of the 'Wolf Market' bar presents an opportunity for the food and beverage industry to create interactive experiences that involve customer participation, enhancing customer satisfaction and loyalty.
3. Entertainment - The interactive LED screen experience at the 'Wolf Market' bar exemplifies the trend of incorporating interactive elements in entertainment venues, providing inspiration for other businesses in the entertainment industry to create immersive experiences.
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