Long term growth in eating out
23 Oct 2012
Recent research has shown that, over the last 30 years, the UK’s eating out spending as a percentage of total spent on food has doubled, with the UK’s eating out market set to reach £52b by the end of 2012 – that’s around one-third of the average consumer spending on food. (In the US it stands at half of total food spending).
Despite the recession, consumers are dining out more frequently than a year ago. But we are seeing a cultural change towards eating out, with more customers still looking for a great dining experience, but on a budget.
Discounting and vouchers have become a big part of the UK dining culture, with the research showing that 84% of operators surveyed had discounted in the past year. And, of those, half reported a 5% increase in revenue as a result.
With this rise in eating out spending, there is a strategic opportunity for good business ideas in the restaurant market, as well as an increased demand for new, innovative ways to market establishments and engage with customers to drive footfall.
At Beavis Morgan, we have extensive experience of working with clients in the hospitality and leisure sector and our professionals are acknowledged experts in issues affecting organisations operating in this area. If you have a business idea or would like to discuss how we can help you improve business performance, contact Matthew Burge.