Each year, our team at Randal Retail Group likes to take stock of where the trends are heading in the restaurant industry. While design trends from last year still contained elements from the pandemic (touchless payment and pickup along with outside dining, to name a few) this year will see some different changes.
On the heels of last year's contactless ordering, payment, and pickup, expect to see more and more restaurants develop a tech stack. Nation's Restaurant News begins its annual trends report with just that. Technology is what makes online ordering and payment possible, so many chains are taking this into their own hands and developing custom platforms that not only facilitate the purchase and pickup process but also provide marketing opportunities where operators can reach customers. Look for more restaurants to spec in the tech in '24.
While we've seen a massive uptick in off-premise dining in the last four years, the convenience and value of eating at home are still popular. What is changing, though, is how diners are opting to transport food from the restaurant to the kitchen table. The reality is delivery fees are becoming more and more expensive, and today's value-minded consumers are looking to shave costs from the overall price of a meal. As a result, expect to see takeout gain favor over delivery. For restaurant operators, this fact is important when arranging the point of sale and pickup.
But what about the operations where in-house dining is still preferred? After all, consumers are still somewhat recovering from the Covid mindset and are grateful to be out in public spaces again. This means full-service restaurant operators should blend takeout counters seamlessly with in-house seating. How these two spaces interact will go a long way toward creating harmonious experiences for diners and customers.
NoLo is shorthand for consumer preference for non-alcoholic or low-alcoholic beverages, a trend that always gains favor at the beginning of the year with efforts like Dry January. Year after year, though, we're seeing these concepts extend into February and beyond. This year, an expression of the NoLo trend will be aperitifs, low-alcoholic and often bitter beverages that are designed to trigger the appetite. Look for aperitivo hour in places like hotels and hospitality.
Global flavors and cuisines are always a big part of each year's restaurant trends reports, but what we find interesting about this year is how they'll be expressed. In the past, it's been easy to say that Korean cuisine of Philipho flavors will be possible, but this year, expect to see global influence in areas like soups, chicken wings, international barbecue, and cooked cheeses. Those are the top four dish trends recognized by the National Restaurant Association in their annual What's Hot Culinary Forecast. So if you're looking for great, global flavors, pull up a chair and enjoy the flavors.
High interest rates and unwilling banking have led to slow growth across the restaurant industry, but the demand is still there. According to Lauren Fernandez, CEO at Full Course, "a rise in private lending may occur in 2024, closing the gap in our industry between high interest rate loans and solid entrepreneurial growth. Heading into an election cycle, we may see drops in the interest rate, making debt more accessible and setting the table for an industry hungry for the capital to grow.”
Ready to learn more about trends and how Randal Retail Group can help? We'll be at Restuarant Spaces Spring in Los Angeles from April 14-16, 2024. We hope to see you there!