10 trends in the hospitality industry

Thinking of hospitality for your next venture? We share the trends in the hospitality industry so you know 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. Following the trends in the hospitality industry is crucial for creating a successful establishment. 

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 trend in the hospitality industry 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 favorites are declining!

Some cuisines are coming up, some are going down! Popular favorites remain popular, however, are declining when compared to past success (Italian and Chinese) with seafood, modern Australian and healthy eating on the rise!

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.

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

GMO-logo-white@2x
Facebook Twitter

Whether you dream of buying a business, want to sell your Perth or WA business, or want to know the value of your company – GMO’s business brokers and valuers are here to assist you. We have won the City of Perth Award for Business Excellence and our Managing Director has been elected as a fellow of the Australian Institute of Business Brokers. Whether you are a buyer or a seller, GMO can introduce you to the right person.

© GMO BUY A BUSINESS 2024. ALL RIGHTS RESERVED

Created by Websupport.net.au | Designed by White Mouse Design

CONFIDENTIALITY DISCLOSURE AGREEMENT

  • The disclosers are willing to disclose such information to the recipient subject to their acceptance of the following conditions:
    1. The recipient shall treat all information received from the discloser as confidential and shall ensure that all such information remains confidential and shall not use any such information in any way other than for the specific purpose aforesaid. The recipient acknowledges that all conditions subsequent in this disclosure apply to the recipient and any associates of the recipient be they partners, co‐directors, trustees, holders of shares or officersin entity(s) the recipient has interest in.
    2. The obligations of paragraph 1 shall not extend to any such information which is in the public domain, or which hereafter becomes part of the public domain otherwise than as a result of any unauthorised activity or omission of the recipient, or which is already in the possession of the recipient and was not derived from the disclosers.
    3. The recipient shall return all such information received other than that which is submitted orally at the termination of such negotiations entered into as a result of this agreement.
    4. The obligations set forth in paragraph 1, 2 and 3 shall terminate 12 months from the date of this agreement or upon the disclosers and the recipients entering into an agreement whichever event occursfirst.
    5. The recipient shall obtain no rights of any kind to such information other than for the specific purpose stated in this agreement.
    6. The receiving party will not utilise any material made available to improve, construct or change another business, in such a way as to allow that business to compete with the business being discussed.
    7. The recipient understands that the information has been compiled by GMO from details provided by the Vendor. Prospective purchasers should be aware that it is not intended that any projections or this information be treated as a representation, warranty or promise by GMO or its representatives, as to the correctness of the information, or that all relevant information is contained in the information provided.
    8. The recipient acknowledges that they will not act on information provided without first seeking independent financial and legal advice.
    9. The recipient hereby agrees to declare any beneficial interest in any business that could currently be interpreted as being in competition with the subject business.
    10. The recipient agrees to return all documents supplied within 50 days of receipt (and any copies) should they decide not to proceed. The recipient further agrees to destroy any electronic information supplied by the Seller or GMO and to instruct their professional advisors to also destroy any information passed on by the Seller, the recipient or from GMO.
    11. The recipient acknowledges they are precluded from physically visiting the premises of the business or talking to any client, supplier or employee of the business without the permission of the discloser.
    The recipient/s hereby accepts the above conditions as binding on them in respect of the information referred to.
    By ticking you are accepting and agree to our Terms & Conditions including Confidential Disclosure Agreement & Privacy Policy.

Subscribe to GMO's Monthly Hotlistings

Subscribe today to receive GMO’s monthly updates and a list of all current business opportunities
  • This field is for validation purposes and should be left unchanged.

All Search Filters

  • Business type

  • Industries

  • Search by keyword

  • Price

    $ - $

  • Net Profit

    $ - $

  • Location

  • Agents

  • Sort by Price

  • Reset