Full-Service Restaurants in Singapore

PROSPECTS

Customers seek unique dining experiences

Given the plethora of cuisines available, full-service restaurants remains highly competitive, with customers often spoilt for choice. Changing consumer preferences have seen consumers seeking greater value for money.

The rising importance of the experience to compete with third party delivery services

Whilst the availability of third party delivery aggregators has provided full-service restaurants with the means to serve more customers without significant capital investment, it also highlights the importance of the dining experience. Given that food delivery is expected to continue to grow over the forecast period, dining out will become less frequent.

Economic slowdown and rising costs are expected to impact full-service restaurants

Given the slowing global economy, rising trade tensions and jittery financial markets, Singapore’s economic growth is expected to slow down. Whilst the country enjoyed healthy economic growth in 2018, the government is expecting growth to slow in 2019.

COMPETITIVE LANDSCAPE

Asian full-service restaurants continues to dominate

Despite being a melting pot of mixed cultures, with easy access to a wide range of cuisines, Singaporeans still fall back to their Asian taste buds. Asian full-service restaurants continued to dominate full-service restaurants in value terms in 2018.

The rising popularity of hotpot restaurants

Hotpot restaurants became increasingly popular over recent years. Whilst the hotpot chain Hai Di Lao has led this segment, many independent players have been emerging in the local hotpot scene.

The emergence of co-sharing spaces

The full-service restaurant business environment has traditionally been challenging, due to high rental costs. As rents continue to rise, some foodservice businesses have embraced the concept of co-sharing spaces.

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