Trends: Coming to a Restaurant Near You!
Tracking Trends within the Restaurant Industry and Highlighting the Changes of the American Consumer
Consumer Demographics*
- By 2009, the economic spending power of minorities has tripled from its levels in 1990. This change will influence new food choices and services to reflect their own tastes and lifestyles.
- Recent studies show that one-half of all adults says that their lives are too stressful and desire convenience, easy-going service, and a relaxing environment when choosing restaurants.
Food Preparation*
- The current food trend is towards ultra high quality, authenticity, and convenience at a price that don’t make consumers feel guilty.
- Restaurants are moving away from away from fried-foods as nutrition-conscious consumers have increased.
Finance*
- Restaurant-industry sales are forecast to advance 2.5% in 2009 and equal 4% of the U.S. gross domestic product, and would surpass $930 billion in 2010.
- Americans are spending more money on food service than on home-prepared meals.
As the numbers continue to grow for minority communities within the United States, this creates an opportunity for innovation within the restaurant industry. There is space within the marketplace to develop a franchise that satisfies the consumer need for a more convenient food experience inspired by international cuisine.
I suggest that current restaurants create more of an international feel to its current menu options to take advantage of this growing consumer need. If at all possible, I suggest that franchises look into creating a sub-brands to target specific ethnic communities. And no, Taco Bell doesn’t quite cut it.
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*source: Gregg Cebrzynski. “Examining industry’s trends, Projecting the future” Nation’s Restaurant News; Marvin Centron, Fred DeMicco, John Williams. “Restaurant renaissance” The Futurist
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