Just as for any business, business growth in the arts, cultural or educational category needs to be looked at both in terms of how organic growth can be gained as well as new business growth. This is where a well-planned hospitality strategy can achieve both. Let us talk you through how.
For the Millennials, it was “is it organic?” but for Generation Y and Generation Z, the big question on their lips is “is your business ethical?”. These up and coming generations care for not only the food they consume on an individual level, but the supply chain in which it came through to get there and what happens afterwards. With these generations moving into the spending seat and favouring food purchases over many other categories, how can your hospitality business ensure it upholds ethical standards that not only win the hearts of these customers but gives back to the community it services? We’ve got three ways for you to get started.
Today, food and beverage is one of the biggest assets to a development proven by the exponential growth that has occurred in this category over the last few years. The global food and beverage market has been growing at roughly 5% a year and in doing so, food outlets are now making up over 20% of new and redeveloped retail centres as they become a mainstay and an anchor for shopping centre success. Over the years, and as avid foodies, the Future Food team have learnt that there are a set of common key components that successful hospitality masterplans posses.
According to The NPD Group’s latest market research, brunch is currently the most popular day-part for not only full service restaurants (FSR) but quick service restaurants (QSR) and retail as well with it experiencing a 12% visit growth across all sectors in 2017. And a similar trend is being experienced globally with more people looking up places to eat brunch on Google than ever before. What makes this day-part so appealing to our emerging population?
We first introduced you to the Gen Z generation last year where we discussed what the food landscape is predicted to look like to appeal to this uprising age group (8 Things You Need to Know About Generation Z). Time has passed and the industry is even more focussed on this group who are fast becoming key customers, particularly when it comes to food. As they continue to grow up and begin making independent purchasing decisions; media attention, market research and advertising campaigns are analysing a generation to understand exactly what it is they want and need.