Restaurant industry continues to grow with total revenues reaching approximately $569 billion in 2017. However, many restaurants face an uncertain future due to shifting consumer dining preferences and an overabundance of restaurants in the market.
Albany, NY -- (SBWIRE) -- 01/05/2018 -- According to a new research report added to the database of Market Research Hub (MRH), the US restaurant industry gained revenues of nearly US$ 569 billion in the year 2017. However, the industry continues to face massive pressures from the evolving consumer trends, and exponential mushrooming of restaurants across the country. With most restaurants offering little differentiation, the focus has shifted to restaurants that offer a memorable and niche experience. The report titled "Restaurant Decision Making Process - US - December 2017" is a valuable source of information and guidance for stakeholders operating in the decision-making process of the US restaurant industry.
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According to the report, traditional restaurants are witnessing a decline, as the concept of eating out is focusing more towards personalization and overall experience. The key factors that are influencing consumer behavior include the word of mouth, location, and the overall anticipated price of eating out. Although the market continues to witness steady growth, LSRs are witnessing higher popularity than FSRs, signaling an important trend in consumer behavior. This is also leading to steady growth in the C-stores foodservices sales. Convenience continues to be one of the most important factors among consumers, and it is highly likely that the restaurant industry in the US will place more emphasis on this factor in 2018 and beyond. The US restaurant industry continues to be highly fragmented, and the overexpansion by existing players continues to plague the growth opportunities, as the demand has not increased in proportion to the supply. Although wide range of items in menu is generally considered a driving factor, too many restaurants offering the same staple with little differentiation has meant that consumers feel overwhelmed while making a decision.
The emerging trend in the US restaurant industry is the confluence between social media marketing providers and restaurants. Food remains one of the hotly discussed topics on social media channels, and recommendations by genuine users have shown to boost the popularity and fortunes of many restaurants in the US. High level of awareness about the role of social media in influencing consumer behavior has meant that social media has now become an integral part of marketing for a majority of restaurants in the US. The trend is only expected to gain further prominence during the assessment period.
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The report also offers detailed analysis on restaurant visitation motivators, which can be an important source of information for stakeholders. According to the restaurant visitation motivators section, word of mouth remains one of the key motivators, whereas young women were more likely to visit a restaurant after reading online reviews. The overall lap between food halls and fine dining is also becoming palpable in the US restaurant industry. Overall, the report is a valuable source of information on the future of the decision making process in the US restaurant industry.
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