Restaurants redefine the industry

With potentially challenging economic times ahead, restaurateurs are proactively seeking ways to build resilience. A renewed focus on marketing, building customer loyalty, using technology to work smarter and introducing new revenue streams are among the strategies that restaurants are pursuing.

41% will prioritise building customer loyalty and encouraging repeat business through marketing and branding.

37% will invest in new technology to help them work smarter.

16.2% of restaurants’ annual revenue, on average, comes from products and services outside of their core services.

Driven by consumer interest and economic incentives, restaurants are redefining the traditional hospitality business model by introducing new products and services outside of their core restaurant offering.

45% of restaurateurs say they started to offer products outside of core restaurant service because of consumer interest.
40% say that it was a response to economic conditions.

39% say it was to keep up with competitors who were doing the same.
38% say it was to diversify revenue streams.
25% say it was a personal passion project.