Being aware of emerging trends and comprehending important data is crucial for business expansion in the fiercely competitive and fast-paced restaurant sector. This article delves into the most recent data-driven efforts and insights that restaurant operators may use in 2024 to increase sales and provide outstanding dining experiences.

This post will teach you about new data-driven initiatives and insights in food service that operators can use to increase sales and provide excellent customer service.

Restaurant industry trends impacting operators in 2024 and beyond:

One of the biggest problems is still inflation: Restaurant operators have named inflation as their biggest complaint for the second year in a row. For the sector, the growing prices of labor, commodities, and operating expenses present serious hurdles. Restaurant operators need to think outside the box to stay profitable in these challenging economic times.

Menu costs are increasing: Compared to the previous year, a greater proportion of restaurants increased the pricing on their menus in 2023.

As to the poll conducted, 42% of eateries raised their prices, a rise from 37% in 2022.

In order to combat inflation and maintain financial stability, menu pricing must be carefully adjusted. However, customers will still look for a balance between affordability and eating selections.

Streamlining as a top priority: According to Esplanda study, the biggest complaint among restaurants with a gross merchandise volume (GMV) of $1 million or more was finding ways to increase throughput.

For these institutions, increasing operational efficiency and optimizing procedures is crucial to serving a larger consumer base. Order efficiency can be increased by using QR codes to facilitate contactless ordering and payments. For dine-in and takeout, self-service kiosks may operate similarly.

Using customer preferences to find restaurants: Eateries must be deliberate in their marketing endeavors because the ways in which different demographic groups discover eateries might differ significantly. Different demographics respond differently to different techniques when it comes to bringing in new customers. For instance, Esplanda's study on the demographics of restaurant patrons revealed that nearly three times as many diners with children learned about their most recent new restaurant through the use of social media by the establishment.

Hours of highest transaction volume: With the exception of Miami, 7 p.m. was found to be the busiest hour for customers to place orders throughout the 17 major metropolitan areas (MSAs) examined.

This realization emphasizes how crucial it is to efficiently meet consumer demand during peak hours by staffing and operating as efficiently as possible.

Days with high demand for reservations: Saturday was the most popular day of the week for reservations, closely followed by Friday and Sunday, according to statistics from the Esplanda Tables platform in Q3 2023.

Restaurant owners and operators should be aware of these patterns in order to optimize sales and efficiently control table availability.

Plans for restaurant expansion are growing: According to Esplanda’s report, there is hope for restaurant expansion.

A little over 29% of eateries indicated that they were very likely to open more locations in the upcoming year, compared to only 17% in 2022. This optimism is a reflection of the industry's tenacity and self-assurance.

Accepting inclinations for online ordering: A sizable portion of respondents, particularly those from older generations, said that they preferred ordering food online straight from a restaurant's website as opposed to use outside apps for delivery services.

This change may emphasize how crucial it is to spend money on user-friendly online ordering systems in order to satisfy consumer desires for virtual eating experiences.

Food trends influencing restaurant operations and menu items for 2024:

From our ordering systems, Esplanda can monitor patterns in menu items related to food popularity, menu prices, and other factors. Examine these customer data trends to see how they can enhance visitors' experiences.

Leveraging food and drink trends in NFL cities:

Restaurants in team cities have an opportunity to keep up with trends in food and drink and benefit from higher sales during the NFL season. These are some conclusions drawn from the Esplanda study.

With a 25% rise in the average order volume on Sundays during the season, chicken wings are the most popular game day meal in NFL towns.

In these cities, hard seltzers are the most ordered alcoholic beverage on game day, with a 47% rise in volume on Sundays.

With a startling 169% rise in alcohol sales and a 27% increase in food sales on in-season Sundays, Green Bay saw the largest increase in restaurant spending during the NFL season.

Robust Valentine's Day sales:

According to Esplanda research, the restaurant industry had a 34% increase in overall foodservice sales on Valentine's Day 2023 when compared to the yearly daily average.

A 1% rise in the overall number of food items sold that day suggests that customers made higher-than-average purchases.

The highest spending spike was on steaks, where customers spent more than double (+108%) the daily average, generating $191,000 in sales as opposed to $92,000. Additionally, wine sales increased significantly—by 248% when compared to typical day sales.

Differences in restaurant target market demographics:

When choosing restaurants, different consumer demographics have particular priorities.

While urban customers favor online ordering and meal delivery convenience with Millennials and Generation X, Baby Boomers and older populations prioritize price.

Affordability is a top priority for suburban and rural dining as well, reflecting the inclinations of older and baby boomer populations.

Consider using speedier service models, such as Esplanda's New Steps of Service, which streamlines customer experiences in both full-service (FSR) and quick-service (QSR) restaurants, if your establishment wants to appeal to Gen Z and younger populations.

How can operators respond to restaurant management and food trends in 2024?

• Stay Informed: Keep up-to-date with the latest industry trends and consumer preferences through market research, industry reports, and networking with peers.
• Adapt Menu Offerings: Offer a diverse range of menu items that cater to changing consumer preferences, such as plant-based options, sustainable ingredients, and global flavors.
• Embrace Technology: Utilize technology to streamline operations, enhance the customer experience, and improve efficiency. This includes implementing POS systems, digital ordering platforms, and data analytics tools.
• Focus on Sustainability: Adopt sustainable practices in food sourcing, preparation, and waste management to appeal to environmentally conscious consumers.
• Enhance Customer Experience: Provide exceptional customer service and personalized experiences to build customer loyalty and drive repeat business.
• Invest in Employee Training: Provide ongoing training and development opportunities for staff to ensure they are equipped to deliver high-quality service and adapt to changing trends.
• Optimize Delivery and Takeout Services: With the continued growth of delivery and takeout, operators should focus on improving delivery times, packaging, and overall customer experience in this area.
• Monitor and Adjust Strategies: Continuously monitor industry trends and consumer feedback to adapt strategies and offerings accordingly. Flexibility and agility are key in responding to evolving trends in the restaurant industry.

Conclusion:

Food owners may set themselves up for success in 2024 and beyond by keeping up with current data and upcoming trends in the food business. Putting into practice plans to deal with inflation, maximize throughput, accommodate customer preferences, enter the catering industry, and make use of technology can support company expansion and provide outstanding dining experiences.