The food service and restaurant industry, like many other industries, took a huge hit during the economic downturn that began in 2008. When people are struggling financially, eating out is one of the first things they cut from their budget. The result of this is that restaurants that had previously been swarming with customers – particularly high-end restaurants – have experienced decreased numbers in clientele and sales, forcing many to cut back on their quality, or even close down.
That’s why market researchers have insisted that growth through insight is crucial in order to keep the food services and restaurant industry afloat in tough economic times. The forecast for 2012 and beyond is that consumers will place growing importance on things like freshness, locally-grown products, and cost, while still demanding excellent quality and service.
Now that diners are slowly returning and the economy is looking better than it did in 2008, it is important for restaurants to understand how this “growth through insight” principle works – particularly when it comes to ensuring that they will have repeat clientele. According to market research, 2011 saw a significant increase in the number of people who dined out at least once a week – from 49% in 2010 to 70% in 2011, with restaurants that are casual and convenient showing the highest number of increased patronage.
While the numbers are looking better for the restaurant industry in 2012 than they appeared in 2011, the struggle isn’t exactly easy for many restaurants. That’s why increased communication with your clientele, and building solid relationships with them, is crucial in making sure your restaurant is a success this year – and for many years to come.
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