Although the industry is slowly showing improvements after being hard hit by the recession, there remains cause for concern. According to NPD, a leading market research company, restaurants are expected to grow by only 1 percent a year while the country’s population will grow by 1.1 percent per year over the next decade. Based on this statistic in The NPD Group’s A Look into the Future of Foodservice report, the aging of Americans will have a negative effect on the industry. The report points out the reasons behind this trend:
- Older consumers dine out less frequently than younger consumers
- Restaurateurs will depend more on “lighter buyers”
- Trends and promotions seen in the past are no longer working in the industry’s favor
- There are now more people dining at home
- Fewer women are entering the workforce and that has impacted restaurant traffic
Opportunities for restaurants to attract Baby Boomers and more customers in general include breakfast and afternoon snacks.