The restaurant industry has been surging post-pandemic recovery. This year will see an industry that is still attracting consumer spend and showing plenty of room to grow, according to 5 trends in the restaurant industry to watch in 2024. These three of are the core industry trends that are top of mind:
- Consumers will continue prioritizing their resources - The last three years saw macroeconomic factors impacting spending, yet a resilient and empowered consumer emerged. In 2024, consumers will seek dining experiences, but will make careful decisions about spending based on prices and priorities. The industry may see a rebalancing of spending as consumers shift some of their budget from experiences to goods, but it will likely continue to grow.
- Brands will align with consumers on loyalty and personalization – The presence of loyalty programs is felt everywhere in the market, but the traditional approach is no longer enough in 2024. Restaurants are trending towards more personalized programs with dynamic offers, benefits and rewards as diners seek to form authentic relationships.
- Digital channels will increase reach - Using mobile apps, virtual brands, social media and other digital channels to increase consumer engagement is not a new trend, but emphasis is shifting as restaurants further increase connectivity in 2024. Third-party aggregators are one channel on everyone's radar as restaurants and consumers weigh both sides to using this service.
Access the report to discover additional trends and dive deep into motivations and recommendations for engaging with consumers in 2024.
