Luxury dining is set to be significantly impacted by the COVID-19 lockdown in 2020, with restrictions making it mandatory for foodservice outlets to close from March-May, with further restrictions implemented during Q4 of 2020, when case numbers began to climb. In addition to closures, months of travel restrictions have led to a severe decline in international travellers to Italy, with the revenue from tourists disappearing.
Within food service, high ticket spending is usually driven by premium food and consumption of premium wines; purchased as the perfect accompaniment to the food and occasion. Due to the outbreak of COVID-19, luxury foodservice operators are holding surplus inventory of premium bottles, that will end up damaged or losing value.
Luxury foodservice requires professional staff to take care of both the kitchen facilities and the dining rooms. Each of these aspects needs to run effectively and to a high standard, to create the luxury experience.
Luxury foodservice is strongly dependent on international travellers, who wish to enjoy the experience of Italian food and wine. Consequently, in 2021, revenues will be strongly impacted by COVID-19 and align with the availability of a vaccine that makes people feel more secure about travelling.
With international travel an ongoing question in 2021, luxury foodservice operators will re-focus their attention on Italian travellers, aiming at becoming more appealing to locals that wish to avoid restaurants that are usually full of tourists. Luxury restaurants located downtown in major cities such as Milan, Rome or Florence will look at increasing the presence of business customers, both local and international.
From Armani to Bvlgari, Prada and Gucci, luxury foodservice brands offer menus that celebrate and enhance Italian culinary tradition, thanks to contemporary reinterpretations. This will be a growing trend across the forecast period, offering high-end cuisine that blends the modern with classic Italian food tradition and includes foreign dishes and flavours.
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This report originates from Passport, our Luxury Foodservice research and analysis database.
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