Consumer foodservice posted growth in 2023 despite uncertain economic conditions and high inflation in many markets. In some, high prices have led to slowing transactions growth and growing transaction sizes. In others, deals offered by restaurants hoping to attract consumers have driven transaction sizes down. Overall, globally consumers are looking for value for money, not only in terms of lower prices, but in terms of buying unique and specialised experiences for every dollar they spend.
This report comes in PPT.
The consumer foodservice industry continues to recover globally, pushed forward by strong growth in the Asia Pacific region following the lifting of COVID-era restrictions. High inflation in many markets globally has spurred value sales recovery in current terms to 2019 levels, but constant sales will not recover until 2025.
High inflation in many markets leading to high prices and wider economic uncertainty have caused mixed effects. While across the board consumers are looking for value, in some markets this has led to decreased spend per transaction as brands offer deals. In others, transaction size is growing as prices have increased and consumers have cut back on eating out.
Following dramatic shifts in the labour market during the height of the COVID-19 pandemic and increased wages, many markets have struggled to fill positions. To address these concerns many restaurants have looked to implement technology that can cut down on labour requirements.
The ever-increasing digitalisation of the foodservice industry has allowed consumers to connect with their favourite brands online. This has led to innovation in online loyalty programmes and demand from consumers for personalisation.
Top chains continue to expand globally through outlet development. As this competition remains high, brands are looking to gain first-mover advantage in untapped markets in Asia, the Middle East and Africa, oftentimes targeting second-tier cities without a large chained restaurant presence.
Consumer foodservice is composed of cafés/bars, full-service restaurants, limited-service restaurants, self-service cafeterias and street stalls/kiosks.
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