Until at least 2024, it is anticipated that economic instability will force consumers to tighten their budgets, forcing the already struggling restaurant industry to make additional cuts in expenditure. Often, technology is the answer to finding new methods to streamline any business type. Moreover, quality and experience will be essential, as consumers will be less forgiving of poor service.
In a Deloitte survey, more than half of Gen Z and millennials say they live paycheck to paycheck. As the cost-of-living crisis persists, consumers are having to be more careful with their budgets, and that may mean cutting back on takeout.
Growth in the restaurant industry is anticipated to be led primarily by off-premise consumption. Therefore, utilizing technology is not only about improving operations and service delivery but also about reimagining restaurants. An estimated 50% of restaurant owners are tapping into new revenue streams, such as grocery, retail, and meal kits.
In this new connected and contactless era, technology and innovation have aided and even saved restaurants as they adapt their business models to not only survive but flourish. The F&B industry can no longer afford to disregard the trends that are enabling businesses to reinvent themselves and remain competitive.
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