After seeing solid steady current value growth for most of the review period, limited-service restaurants turned to strong decline in 2020. The presence of COVID-19 in the country from March led the government to impose various restrictions during the year, including the closure of foodservice outlets when the rates of infection were high, notably from March for several weeks and also towards the end of the year.
Nevertheless, limited-service restaurants saw less of an impact on its sales than full-service restaurants in 2020. Limited-service restaurants remained more popular amongst millennials and Gen Z, as the cost per transaction is lower.
Chained limited-service restaurants saw a slower decline than independent limited-service restaurants in 2020. Consumers turned to familiar brands during the uncertainty created by COVID-19.
Limited-service restaurants is set to see strong growth in both current value terms and in terms of transaction volumes in 2021, despite the continued decline in outlet numbers. With less disruption expected to players’ operations, and consumers regaining their confidence in visiting such outlets due to the rollout of vaccines, growth is predicted to return.
There is expected to be a continued reliance on home delivery by consumers. Limited-service restaurants have been successful at developing different income streams, such as online/offline ordering, eat-in and takeaway, making their business model robust.
Independent limited-service restaurants was more negatively impacted by COVID-19 in 2020, and is expected to continue to lose value share to chained limited-service restaurants throughout the forecast period. However, this trend is not simply a result of the pandemic, as limited-service restaurants was losing share throughout the review period, and this is set to continue.
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