Nation's Restaurant News On the Go Newsletter #5
Nation's Restaurant News
The #1 source of news and business intelligence for restaurant and foodservice industry professionals
It’s December, and that means it’s time to predict trends for next year
I’m Bret Thorn, senior food and beverage editor for Nation’s Restaurant News, and I’ve been reporting on F&B trends for NRN for the entire 21st century, and guessing what we’re going to see in the future is always both fun and something of a crapshoot.
It’s tempting to “predict” what is already happening. It’s easy and safe and you’re not going to get it wrong: Of course there will be more fried chicken sandwiches, obviously consumers are going to be price-conscious (except for those who don’t care; see below), yes there’s going to be more spicy food (people don’t fall in love with hot peppers and then suddenly stop eating them). That’s not predicting; that’s reporting.
But I’m curious to see what happens with some other consumer behavior. For example, there’s a lot of talk about consumer “nostalgia,” but it’s often nostalgia for things that the modern American hasn’t actually experienced. Af&co and sister company Carbonate see baked Alaska making a comeback as part of the nostalgia trend, but do you know anyone who regularly ate baked Alaska as a kid? IHOP is betting on a renewed fondness for Salisbury steak, which the family-dining chain recently put on the menu. It’s true that people my age enjoyed, or at least ate, Salisbury steak in TV dinners and grade-school cafeterias, but I’m well into middle age. Why would young adults be into that?
And then there’s this trend for luxury items. Caviar is being spooned onto beef tartare with astonishing regularity, and then there’s the caviar bump, which is an unnecessarily large spoonful of the sturgeon roe spooned onto someone’s fist to be eaten all at once in a sort of fin de siècle decadence, and it’s becoming pretty common in certain circles. Sales of premium wagyu beef are surging in both foodservice and retail.
It seems that as the poor are hunkering down for a cold winter, more inflation, and maybe a recession, the rich are having a blast. How long will that dichotomy last? It might depend on macroeconomics, and, as international food and restaurant consulting firm Baum & Whiteman said in its recent trend report, “If consumers continue spending, inflation will continue rising and the Fed will squeeze even harder. If consumers stop spending, well, then, whoops! ... we’re in a recession for sure. Is there a middle ground? Place your bets and check in after Christmas.”
Restaurant group cites experience-seeking as a top 2023 trend
Customers are eager to return to restaurants and reclaim a sense of community in 2023, the National Restaurant Association said in its annual “What’s Hot Culinary Forecast.” The Washington, D.C.-based group released its forecast Wednesday, offering a detailed look at the topics, trends and products expected to drive restaurant menus in the coming year.
Want to be recession proof? Take care of your guests and employees first
There is a debate as to whether we’re currently in a recession, but less so as to whether or not we’ll be in one at some point in 2023. Most signs are pointing in that direction, though it won’t likely be as deep as the 2008-09 downturn. A panel of restaurant operators gathered on Tuesday to discuss ways to best insulate your business during an economic recession.
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Restaurants beef up menus with wagyu
Inflation, general economic and political woes, and other difficulties have caused lower-income consumers to pull back on their spending in recent months, but the luxury market is still going strong as consumers looking to treat themselves are showing a willingness to pay for great experiences. A case in point is wagyu. Literally meaning “Japanese beef,” the super-premium meat is trending both in restaurants and in grocery.
Why restaurants are finally adopting dynamic pricing strategies
The concept of dynamic pricing is nothing new. Hotel chains, sports venues, airlines, even utility companies have been adjusting prices for years based on demand and timing. A shift to digital ordering combined with higher food costs has led more restaurants to adopt dynamic pricing technology in the past two years.
Menu Tracker: The beverages of the holiday season
As an impending recession looms over us we want to hear from you. Is your business prepared for a recession? TAKE OUR POLL and let us know your thoughts. And thanks for reading!
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