Strategies for High-End Restaurants and Fine-Dining during the Cost-of-Living Crisis
Summary
This report is part of a series on key trends which are currently affecting the foodservice landscape. This report explains the various ways out of home experiences will take place in foodservice in future, their importance to the consumer, and how industry players can leverage them.
Fine dining has strong potential if it can adapt to inflationary pressure accordingly. Forecasts for fine-dining channel performance are positive overall as typical high-income clientele remain largely unaffected by the cost-of-living crisis. However, the post-pandemic, high-inflation, supply-chain-compromised landscape means that fine-dining operators will still have to adapt if they are to survive long-term.
Scope
- Ethics in various forms will be key to continued success.
- Faced with labor and food supply shortages, fine-dining players must ensure staffing policies and ingredient sourcing/usage can withstand soaring costs and disruptions.
- Fine-dining operators can no longer be 'tone-deaf' to the 'have-nots' in society and should act as supportive members of local communities to retain customer loyalty, whether this is through supporting local suppliers or equality and inclusion.
- Understand the challenges and opportunities for high end and fine dining foodservice brands during the cost of living crisis.
- Gain insight into how competitors are responding to this trend.
- Access valuable strategic take-outs to help direct future decision-making and inform new product and service development.
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