Changes in consumer preferences and the widespread adoption of technology-based online and mobile ordering platforms are well entrenched in the foodservice industry. Brand owners recognise the shifting dynamics of the marketplace and the shifting demands of the consumers they serve.
Perhaps the most significant trend in consumer foodservice is adapting to changing consumer preferences and the changing target demographic. As millennials continue growing up, finding jobs and moving out, their purchasing power has increased, and their preferences are actively influencing and reshaping foodservice.
Changes in consumer preferences, demographics and technology are necessitating a pattern of differentiation among restaurant operators across all categories of the consumer foodservice industry in the US. Through third party delivery companies and individualised mobile-ordering apps, the relationship between restaurant and consumer has been revolutionised.
Independent consumer foodservice continued to fare well in 2018, with potential to continue expansion into the forecast period. Independent outlets have faced the same changing consumer preferences and technological revolution as chained outlets, but, in some ways, have actually had an easier time adapting.
Consumer foodservice is poised to see continued growth in the forecast period due to the tendency of consumers to spend an increasing portion of their income on eating out. However, that trend comes with the stipulation that younger consumers are demanding more and more that their restaurant spending meets certain requirements so that they feel that they are getting their money’s worth.
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This industry report originates from Passport, our Consumer Foodservice market research database.