Catering to Families: The Untapped Potential in the Restaurant Industry
As the restaurant industry faces multifaceted challenges, ranging from new minimum wage laws to reputational hurdles, a new hero has emerged: families with children.
Despite a general decline in dining frequency, families have shown resilience and an increased appetite for dining out, according to Revenue Management Solutions' Q1 Consumer Survey, “Dining Dynamics in 2024: The Shifting Landscape of Consumer Tastes.”
The survey's insights offer a glimmer of hope for an industry in search of sustainable growth strategies. While 38 percent of the survey’s 1,600 respondents report spending less on dining out—with plans to continue curbing spending across all channels—families are bucking the trend by ordering from restaurants more frequently and in larger quantities.
Families Are Making Diverse Choices
Families are also open to all dining segments and channels. While they crave the value of QSR – 34 percent of families reporting higher spending at QSRs this month compared to 18 percent of childless households – they are inclined toward fast casual and full-service restaurants as well. While singles cut back, 20 percent of families had more fast-casual visits this month and 18 percent dined full-service, in stark contrast to 9 percent and 7 percent, respectively, among households without kids.
Catering to Families: The Untapped Potential in the Restaurant Industry
Original story and image on Modern Restaurant Management
Original story and image on Instyle Australia
The Enduring Pleasure Of Taking Yourself Out For Dinner
I leave my hotel room with nothing but my bag slung crossbody and a pep in my step. When I arrive at the restaurant and take my spot in the roadside queue, my hair’s still wet from the shower, I have not a spot of makeup on, and suddenly, I’m very aware that I’m by myself. Groups of university students stand in front of me, business people rejoicing at the end of the week behind. My instinct is to strike up conversation (“TGIF, am I right guys?”) in an attempt to give off the vibe that this is not my first rodeo, though I refrain — no one wants to be that person in the queue.
A waitress comes down the line to take our names and the size of our dining party. “Just one,” I tell her. Three minutes later, my name is called and I skip two-thirds of the queue to take my seat inside. No wonder people love dining solo, I think to myself.
The Power of Personalized SMS for Quick-Service Restaurant Marketers
Nearly 80 percent of consumers say they’re likely to engage with a personalized offer or message that’s tailored to them.
As restaurant industry marketers continue searching for new ways to connect with diners and capture their attention (not to mention their business), SMS has become an increasingly popular channel of choice.
Whether it’s digital coupons, time- or location-based promotions, or interactive deal offers, SMS offers a powerful tool for updates and conversions. Just consider the stats:
Exceptional Performance: SMS open rates often exceed 80 percent, far exceeding any other channel.
Immediate Reactions: Brand-delivered text messages are typically opened within three minutes of being received, delivering an immediacy not typically found with other channels.
Constant Coverage: A customer’s phone is rarely out of reach, and doesn’t require an internet connection.
The Power of Personalized SMS for Quick-Service Restaurant Marketers
Original story and image on QSR Magazine
Original story and image on Harvard Business Week
Navigating the Mood of Customers Weary of Price Hikes
Inflation remains front and center for consumers and businesses, which continue to reel from the double-digit rise in prices during the COVID-19 pandemic and the interest rate hikes designed to cool them. While price increases for goods have slowed, the climate remains uncertain, with inflation ticking up again as recently as February.
How should companies navigate the mood of shoppers, who remain cautious after being squeezed over the past two years, particularly in areas like food and housing? Harvard Business School faculty offer their thoughts about the pricing landscape and what businesses need to know in 2024.Since 2021, as companies faced supply shocks and changes to demand in an inflationary period, executives have increasingly focused on consumer price elasticities. The price elasticity of demand describes how much quantities (or volume) would fall in response to a price increase.