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“Through expansive experiences that inspire our guests paired with the ambiance of the space and the food on the plate, we’re setting new standards for the industry and creating truly spectacular moments for all who enter our restaurants and bars.” That’s where the NEXT Flavor Report comes in.
Restaurant industry insiders offer their insights on F&B trends we can expect to see in 2024. Some customers have the gift of foresight, using DoubleDash to add on recovery (or hair of the dog) essentials from nearby stores. Quirky Combos : This year, we also saw some unique combinations!
Overall, “large parties,” or a party with eight or more guests, had a +2 percent increase in same-store transactions in Q4 2023 compared to Q4 2022. Cheers to 2023: Overall, restaurant and bar guests drank approximately +11 percent more alcohol in Q4 2023 compared to the average for Q1 through Q3 2023.
This finding from Expert Market’s 2024 F&B Industry Report sheds light on a clear culinary gap within the industry's workforce. This insight seems unsurprising, considering that data from April 2024 revealed 43 percent of small business owners in the US were unable to pay their full rent on time.
The fourth quarter was not good for restaurant sales; each month posted worse same-store sales growth than the previous month, according to Black Box Guest Intelligence. In addition, colder winter weather eliminated some potential for outdoor restaurant dining, favored by many guests who believe patio seating is a safer option.
However, we’re seeing some major shifts around menu creation, procurement, and dining habits of guests. A good thing, considering that 55% of consumers rate contactless payment as one of the top three influencing factors they consider when choosing a restaurant. The F&B industry grew in 2022… and it will keep growing in 2023.
Ocean Spray is joining forces with Massachusetts Restaurant United and the COREcares Foundation for this hospitality stimulus, in addition to offering discounts on the brand’s cranberry products to support restaurants on the road to recovery during the COVID-19 pandemic crisis. ” Curbside Olo.
Turn Pricing into a Growth Strategy : A smarter approach to menu pricing can boost revenue and profitability without compromising guest experience. percentage points less than sales growth from the same two-month period in 2024. Explore Easier Access to Capital : Traditional loans aren’t the only option. percent) also grew.
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