Hospitality Industry: The Top Ten Trends!

Thinking of hospitality for your next venture? Read our blog below to learn what the customer of today really wants!

When thinking of buying or establishing a hospitality business. It is important to consider what the market needs and what the people want! Many restaurant owners create a hospitality business based on their dreams and goals, without considering what the general public look for in a cafe, restaurant or bar.

The latest ‘Eating Out In Australia’ report published by ‘Hospitality Magazine’ has identified the top 10 trends occurring in the hospitality industry at present. We thought the list was incredibly insightful and decided it was necessary to share it with our readers.

  1. Staffing problems will not go away
    Hospitality is a people industry, however, good people are hard to find (and retain)! Unfortunately, this will not change. Finding quality staff can be a time-consuming process. So hold onto those good employees when you find them!
  2. Healthier food is NOT a fad!
    Australia is becoming more and more health conscious. Healthy foods are on the rise, unhealthy foods are on the decline.
  3. Consumer tastes are changing
    Fine dining is becoming less exclusive, fast food lovers are wanting casual dine-in options.
  4. Financial pressures are increasing!
    Wages for casual staff were rated the highest with wages for full-time staff were rated second highest when it came to monitoring biggest expenses.
  5. Online Presence
    In this day and age, booking online is a service used by most patrons. Social media and other online profiles contribute to the reputation of a business as well as online reviews.
  6. Marketing is becoming more important
    Whether its the physical premise, or the online presence, marketing is now a major factor that contributes to the business’ image and success.
  7. Customers are harder to please
    Expectations are higher, demands are larger and complaints are frequent if standards are not met. Many customers feel they deserve a certain level of service and will not shy away from public forums if they do not receive this in your establishment.
  8. Alcohol consumption is declining
    Australians love a drink, however, with BYO restaurants a minority, Alcohol consumption is on a decline.
  9. The delivery boom
    The initial hype about home delivery from restaurants was huge; predicting enormous levels of customers converting from restaurants to home delivery. However, the truth is that only a small percentage of customers have opted for this way of dining over visiting the physical establishment, making the impact on local businesses lower than previously expected.
  10. The old favourites are declining!
    Some cuisines are coming up, some are going down! Popular favourites remain popular, however, are declining when compared to past success (Italian and Chinese) with seafood, modern Australian and healthy eating on the rise!

 

For more information on the hospitality industry, contact our resident hospitality gurus at GMO who would be more than happy to assist with any hospitality-related queries you may have: (08) 9481 4422  |  info@buyabusiness.com.au

 

MORE NEWS STORIES

Sound Advice from Les Hinton

"Be Confident That You Can Make It Worth More Than You're Paying For It" Les Hinton, who began his career as a copy boy for the Adelaide News in 1960, became a reporter, editor and executive Read more

Understanding Business Value

What components form a business' overall value? Let us explain... Business value is primarily made up of the goodwill in the business, alongside the plant and equipment value and the stock in trade. Other components of business value Read more

Migration Charges Act 2018 – A Note From Dan Engles

Our respected friend and associate, Dan Engles from Visa Solutions has released the below article outlining the changes due to occur to the Australian work visas. We appreciate Dan's expertise in this field and as always, encourage Read more