As time and the economy change, so do people’s behaviors and expectations. What was once acceptable and considered the norm, may no longer be living up to expectations. Nowhere is this more evident than in the food and beverage industry.
Today’s consumers aren’t satisfied with a simple meal anymore. Americans now spend more money on dinning out than they do on groceries. People are looking for more of an experience when they go out and dinning is just part of it. Shoppers who stop to eat spend 35 minutes and 12% more at a property, then those who forgo a bite. This according to a recent study released by JLL.
Today, people are seeking experiences which can range from glamorous trips to a simple night out at a new restaurant with family or friends. Consumer spending has changed to reflect this. In fact, U.S. spending dedicated to experiences has increased by 70% compared to 30 years ago – and nearly 80% of millennials would choose to spend money on an experience over an object.
There has also been a trend in preferring locally grown food in recent years. From 2007 to 2017, farmers markets in the U.S. grew by 100%, eclipsing 9,000 in total. Consumers are looking for greater authenticity in their food options. Also of great concern is supporting small business and getting closer to a brand.
Consumers are also looking for better business practices among retailers. Roughly one-third of food produced for human consumption is wasted and, as a result, governments, businesses and consumers alike are pushing for change in how we use and manage resources.
The food and beverage industry is changing to suit consumer demand. What we see now are trends towards more responsible and health conscious ways of doing business. Technology has allowed people to become more educated and more aware of the choices they have. Hopefully these changes will bring about a better experience for everyone.
