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

About GMO Business Brokers

With 18 specialized business brokers and more than 3500 successful business sales so far, we are Western Australia’s largest and most established business broking agency. When you are selling a business in Perth or elsewhere in WA you can count on us to help you achieve the best result possible for all the hard work you have put into your business. If you are looking into buying a business in Perth or elsewhere in our state, you will find in GMO a reliable partner who will guide you through the process of buying your future. In our listings with businesses for sale in WA you will find a variation of business sectors. Depending on which sector you are looking to buy into we can offer you a specialized business broker. Contact us for more information.

MORE NEWS STORIES

Words of Wisdom from Sir Michael Caine

"I want the feeling in the whole unit to be one of excitement at our common endeavour." GMO's Director and Co-founder, Graham O'Hehir has recently been reading Sir Michael Caine's autobiography 'Blowing the Bloody Doors Off Read more

Q&A With Thorntons Accountants

Jim Goodwin from GMO and Clinton O’Neill from Thorntons discuss Capital Gains Tax on sale of a business. You should consider these implications as part of your business sale plan.   J.G:      Do I pay tax on Read more

The Forecast For Perth’s Retail Sector

According to a recent publication by Ray White, the future of Perth's economy is bright. After what has been a turbulent time in WA business and real estate, especially with the increase of online shopping affecting Read more