Are you ready for 2024? We list the hottest trends in the restaurant industry

How Diners Beat the Economic Squeeze

While there’s an evident appetite for dining out, economic constraints are prevalent. It’s crucial for restaurants to strike a balance by offering top-tier dishes at affordable rates, potentially boosting revenue and enhancing customers’ perceived value. Guests are looking for less expensive options.

A survey from Deloitte revealed consistent preferences for both dine-in and takeout customers. The majority sought cheaper options combined with promotional deals and discounts. These factors could incentivize 37% of dine-in and 40% of takeout patrons to frequent restaurants more. Given the prevailing and anticipated economic challenges, the inclination for budget-friendly meals is likely to rise.

Business key figures are more important than ever

Today, numerous restaurants continue to operate without a professional business approach that involves monitoring key performance indicators (KPIs). However, this approach is no longer adequate in the modern landscape. Restaurant owners must adopt a mindset akin to that of any other businessperson and diligently track the essential KPIs vital to their success.

KPI’s to keep track of:

Dayily KPI’s: Daily Sales, Average Transaction Value, Foot Traffic, Table Turnover Rate, Labor Costs, Waste Tracking.

Weekly KPI’s: Weekly Sales Growth, Menu Item Performance, Customer Feedback, Inventory Usage, Employee Performance, Reservation Rates.

Monthly KPI’s: Monthly Sales Growth, Gross Profit Margin, Cost of Goods Sold (COGS), Labor Cost Percentage, Customer Retention Rate, Operational Expenses, Net Profit Margin

Tech solutions make restaurants thrive

Connecting core operational systems:  Like your POS-system, staff management, accounting, and inventory is paramount for optimizing efficiency and profitability.

Self-service tools:  Such as QR-code ordering, kiosks, and mobile apps, boost efficiency and revenue in restaurants. Fine dining establishments might not prefer kiosks but can use QR-codes on receipts or tables for convenient payment, enhancing customer satisfaction.

Loyalty solutions can become a cornerstone for a restaurant’s success. The average customer retention rate for restaurants is around 30%, studies show. This is not much, meaning 70% never visit your restaurant again. A loyalty program can be one of the answers,

Read the complete list of technical solution you should be aware of, download the Trend report

Drink and foods delivering benefits beyond mere nutrition

Consumers seek products enhancing mental performance at home, work, and leisure. They prioritize focus and productivity as mental well-being traits, evidenced by Mintel’s Global Food and Drink Report. Mintel’s 2023 report indicates a demand for food and drink those aids in enduring extreme weather conditions.

With a surge in interest towards holistic wellness, foods delivering benefits beyond mere nutrition are in demand. Adaptogenic herbs, CBD-infused items, and stress-busting nutrients will be sought after, reflecting a shift towards mindful eating.

As knowledge about gut health flourishes, foods tailored to enhance the gut’s microbial health will emerge. Expect a rising trend in probiotic-laden, fermented foods and prebiotic-rich products.

Quick Service restaurants are growing fast

According to the Custom Market Insight report the market for fast Food and Quick Service restaurant is a growing market segment year on year. And in Europe the value is expected to reach around USD 192.4 Billion by 2023. Why are these type of establishments so popular, and why do we see and big growth in this segment?

The Rise of Convenience: Today’s consumers, juggling work and personal commitments, gravitate towards Quick Service Restaurants (QSRs) for their speedy and efficient offerings.

Diverse Menu Selections: QSRs stand out by offering a vast array of choices, from burgers and pizzas to sandwiches and poke bowls. As the health and wellness trend takes center stage, many QSRs are broadening their menus with healthier and plant-based alternatives to meet evolving tastes.

Delivery’s Dominance: Partnering with delivery platforms has become a norm for QSRs aiming to cast a wider net.

Read the complete report, download your free copy of the report here!