This is an excerpt from Big 7 Media‘s 100-page report on The Future of the Restaurant Industry in 2020.
This detailed report provides current operational guidance and insight into emerging hospitality trends for 2020-21. We investigate the trends that are impacting the industry, both currently and in the future. You will learn: how to increase sales, current and future trends, supply chain issues and more.
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Future of Fine Dining in 2020
Relatively speaking, what with costly overheads and often high staff costs, fine dining restaurants are on the same thin margins as other restaurants. They were mostly at a disadvantage as Covid-19 arrived, with no experience or reputation for offering eat-at-home items. But creativity has consistently been at the forefront of fine dining, and their response has certainly been innovative.
Understandably, consumer demand for fine dining dropped with fine dining sales in the US falling 90% following closures in March. However, there has been an upward trend for fine dining food to-go, with sales for non-delivery (curbside pickup or takeout) orders at fine dining restaurants jumping 18% in April.71 Famous restaurants such as Alinea in Chicago have switched from a $365 dine-in tasting menu to serving comfort food to-go at $34 per person. This has been a global movement, with fine dining restaurants across the world offering similar culinary pleasures.
While consumers are willing to pay extra for a gourmet meal at home during lockdown, it remains to be seen if this trend will endure. Coyle of Coyle Hospitality doesn’t think so, saying that the fine-dining restaurant experience moving into the home is not sustainable, except in very unusual circumstances. It isn’t scalable, he adds, and “the experience is in many ways the opposite of what makes the restaurant desirable.”……
Big 7 Media Report: The Future of the Restaurant Industry in 2020 – Download Here
Table of Contents:
- Restaurant Industry Overview
- Covid-19: Steps & Barriers to Reopening
- Produce Supply Chain: Impact on Menu Model
- Key Trends & Developments in Restaurant Sectors
- Food Delivery Trends & Technology
- Marketing & Social Media
- Beverage Trends within the Restaurant Industry
- Looking to 2021 – The Future