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More than eight in ten restaurant operators expect 2025 sales to meet or exceed 2024 levels, but rising competition will require differentiation through experience, service, and innovation, according to The National Restaurant Association’s 2025 State of the Restaurant Industry report. Consumers have pent-up demand for restaurant meals.
Modern Restaurant Management (MRM) magazine asked restaurant industry experts for their views on what trends and challenges owners and operators can expect to see in 2024. This trend reflects the growing popularity of drive-thru and fast-casual dining, coupled with the demand for digital technologies such as QSR digital signage and QR codes.
The research stems from in-person chef interviews and a nationwide survey of more than 400 restaurant owners and operators spanning 47 states with respondents ranging from finedining establishments to fast-casual venues, breweries, and caterers. "This Revenue growth in 2024 was largely driven by menu price adjustments.
The year 2024 promises a journey of adaptation and fierce competition for the restaurant industry as it manages stronger-than-expected economic data and slowing inflation while dealing with the headwinds of short labor supply, more demanding customers and an uncertain political environment.
The research found that businesses worldwide – particularly restaurants – intend to experiment more in 2025, especially with customer retention programs like loyalty, as they face the triple challenge of sustained high inflation, shrinking consumer wallets and the need to raise prices across the board.
With both restaurants and guest feeling the effects of inflation, tipping has become a topic of confusion and intrusion for diners, according to Restaurants: Consumer Trends Fall 2023/Winter 2024 , a report produced by Provoke Insights in collaboration with Modern Restaurant Management (MRM) magazine.
Many food and beverage establishments have seen success with technology — such as contactless options, automation to support changing workforces and innovative customer loyalty strategies — in their endeavors to meet the demand for safer and more convenient dining experiences. Gone are the days of cash-only transactions.
Best restaurant marketing ideas for 2024 Here are some of the proven and tested restaurant marketing ideas you can try in 2024: Offer your customers rewards using loyaltyprograms 47% of diners in loyaltyprograms say they use their memberships a couple of times monthly, and 32% use them several times weekly.
. – Frances Allen, President and CEO, Checkers Brand loyalty took priority in 2023. Building these relationships with customers is key to attracting new guests and fostering long-term brand loyalty across locations. – Christine Barone, President, Dutch Bros. – Joe Hand Jr.,
In fact, 45% of restaurant operators expect their competition to be much more intense in 2024 than last year. Run a promotion for dine-in customers If you want your customers to flock to your restaurant, one strategy you can utilize is running in-house-only promotions. customers who can actually visit and dine at your restaurant.
Out of the Box: Monthly Restaurant Industry Update Restaurant Industry in Review: November 2024 Restaurant Trends NOVEMBER: BY THE NUMBERS 0.5% Lets dive into the November 2024 Restaurant Trends, what they mean for restaurateurs, and how data can help navigate the months ahead. Comp Sales -2.5% ’23 Jan.
Customer loyalty is essential to running a successful business. A strong customer loyaltyprogram should utilize the three Rs: Rewards, relevance, and recognition. But customers also want to feel recognized, and your restaurant loyaltyprogram can provide the acknowledgement they crave.
LoyaltyPrograms : Increase repeat visits by 42% and average check size by 28% with personalized rewards. This data can fuel targeted marketing campaigns to boost loyalty and increase the average spend per visit. This reduced customer complaints about waiting by 45% and boosted loyaltyprogram participation by 28%.
Running a bar is a lucrative business, proven by the fact that this industry is estimated to be valued at a whopping $36 billion in 2024. Otherwise, you can end up losing money by setting up a barcade at an executive village where most people prefer wining and dining over drinking booze and letting loose.
Delivery/Takeout : COVID created a shift from in-person dining to takeout and delivery options, increasing reliance on third party delivery services, and on attractive takeout options. And outdoor dining, once more of an afterthought or a novelty, has become a more permanent and intentional part of restaurant design. more an hour.
Tempt dads with loyalty discounts from return visits Let's say a family steps into your restaurant for Father's Day and is eager to try the food for the first time. When you have a well-structured loyalty rewards program , you give Dad an extra incentive to check back into your restaurant for another bite.
Restaurant industry experts have seen a massive shift in 2024 toward iPad-based POS systems. They’re durable and flexible enough to go from fast casual to finedining. Customer loyaltyprograms – With all the customer data you have on hand, it’s simple to implement and track customer loyaltyprograms.
At the beginning of 2024, the NRA reported that 73% of operators expected profit to be less or the same over the year, with 38% saying they didn't make any profit in 2023. For restaurants that don't already have online ordering, this creates another stream of revenue other than on-site dining. No high commissions.
This edition of Modern Restaurant Management (MRM) magazine's Research Roundup features dining trends, hiring trends, tech trends, brunch trends, alcohol trends, and egg prices. American Diner Trends Despite a higher cost of living, the average consumer’s dining habits are unchanged.
percent by 2024, and 2020 will be a catalyst year that could drive that number up. With the rise of delivery and take-out, restaurants will start getting creative with the in-dining experience. take hold of the service, restaurants will focus more on the experiential side of dining than the products themselves.
percentage points less than sales growth from the same two-month period in 2024. These annualized sales declines despite foot traffic growing reflect the ongoing trend of consumers trading down for lower-cost options when dining out. Month-over-month sales (+0.1 percent) and transactions (+1.6 percent) also grew.
So much data is generated at every point within a restaurant, whether fast casual or finedining. The question now becomes – how to make sense of that data and use it to elevate the dining experience. The question now becomes – how to make sense of that data and use it to elevate the dining experience.
This edition of Modern Restaurant Management (MRM) magazine's Research Roundup features news of Drinksgiving and Thanksgiving trends, FSR challenges, and "out-of-the-box" dining habits. Bringing Back Brand Loyalty : To keep customers coming back, operators are reframing the idea of value in their loyaltyprograms.
Voice of the Restaurant Industry Toast's 2024 Voice of the Restaurant Industry some insights and data suggesting a cautiously optimistic outlook: profits are rising, with 63 percent reporting increased margins compared to last year. As consumer searches for malls are declining, restaurants are breathing life back into malls.
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