New concepts in foodservice in 2017: Euromonitor
A new report from Euromonitor International called “New Concepts in Foodservice: Best of 2017” discusses three overarching trends seen in the global foodservice industry, referencing concepts from around the world that are exemplifying each trend.
First format: Hybridising formats for a better dine-in experience and combining foodservice with other channel formats to create new concepts.
For brick-and-mortar concepts, getting consumers into the physical establishment has become challenging, as consumer shopping habits continue shifting toward e-commerce and digital channels. In order to drive foot traffic, operators are developing a hybrid of multiple formats, referred to as hybridisation, to create new concepts only available in-person.
Brick-and-mortar retailers are using foodservice to attract consumers and keep them in-store longer, and restaurants are incorporating entertainment or travel components.
Example: Okey Dokey in Taiwan
This multi-floor restaurant in Taipei promotes all things Korean, from the culturally inspired menu to the TV dramas projected onto walls around the dining floor. Okey Dokey taps into k-pop and Korean culture—incorporating pop culture, music, television, food and fashion—which are popular, especially among younger generations of Taiwanese consumers. While Korean-inspired food is a chief draw at this restaurant, each floor captures the best of Korean culture, and diners are immersed in a cultural experience that goes beyond the menu.
Second format: Targeting niche dining occasions. Changing lifestyles and living arrangements create demand for unique dining opportunities in the market. Independent operators are typically more flexible in adapting to changing market conditions and better positioned to target niche consumer needs.
Example: Yoshinoya Menu for Seniors in Japan
Japan’s rapidly ageing society has put a damper on economic growth, real wage growth and the country’s productive population. As a result, millennials and younger consumers in Japan have shifted from a mindset of spending to saving. The unique Japanese term that captures this change in spending habits is known as merihari: how consumers determine if the spending or not spending of money aligns well with their values and financial objectives.
Yoshinoya, the Japan-based fast food chain, developed a set of bowls for seniors that are easier to eat, incorporating softer, healthier ingredients. As a trial, Yoshinoya is selling these bowls into institutional channels, such as hospitals and senior care centres; if successful, these menu offerings could be incorporated into the chain’s more traditional outlets.
Third format: Informal occasions a critical part of global dining culture. A demand for less pretentious, food-first dining experiences has created a level of informality in foodservice—good food in an atmosphere that feels genuine, relaxed and approachable.
Example: Achoclonados, Chile
This Santiago based food kiosk chain allows customers to create their own bowls of corn customized with a range of salsas, vegetables and meats.
Download now to:
· Understand which food and lifestyle trends are having the most impact on the foodservice industry
· Learn from examples of global operators that are responding to these trends successfully
· Identify strategies to enhance the customer experience and better meet the needs of the future consumer
Written by Stephen Dutton, Senior Analyst – Consumer Foodservice, Euromonitor International, Chicago.
Stephen Dutton is a Senior Analyst at Euromonitor International, analysing the global foodservice industry. In this role, Stephen provides insight into the consumer trends, key markets, competitive landscape and growth opportunities in the global foodservice space to help companies make informed business decisions. Stephen has a master’s degree in international affairs from The George Washington University and has spent years working and travelling abroad. To reach Dutton, @EMI_SDutton | Connect via LinkedIn.