SATURDAY SLURRY
Transformation of Noble Scientist into Malevolent Fiend: Doctor Jekyll's Unsettling Metamorphosis
Yo, what's up, Branded fam! Hope this message finds you vibing on a fabulous Saturday.
Let's take a dive into the world of eats, that glorious realm where culinary delights and tech advancements collide. Here's a lowdown on what caught our eye this week:
👉 How 'bout dem numbers! It's no secret that the restaurant biz has been tough-as-nails lately. But hold onto your hats, people! According to the National Restaurant Association, we're looking at some record-breaking sales worth a cool $1.1 trillion in 2024. Sounds like a LOT of chow, huh? And thanks to the industry's workforce, who are just as dedicated, committed, and gritty as ever, we can expect these sales to give rise to even more job opportunities and spread warmth in our communities.
👉 But let's not forget Mr. Hyde. With all that deliciousness comes a darker side. Nearly 75% of foodservice businesses are currently operating at a loss, and restaurant bankruptcies have skyrocketed by almost 50% over the past year. Oof, that's a tough pill to swallow. The usual suspects include increased labor costs, escalating food prices, and the lingering effects of ol' COVID debt.
👉 Enter: Tech to the rescue! These challenging times have urged the industry to embrace technology with open arms. And it's working! Operators are finally investing in tech solutions to boost their competitive edge. Look out for investments in guest experiences in 2024, with almost 60% of operators planning to drop some serious cash in this arena. But fear not, front-of-house won't be left behind; the back-of-house is also receiving plenty of love.
👉 Millennials & Gen Z? You KNEW we had to mention them. These digital natives, representing the largest and soonest-growing group of consumers, expect more from brands than ever before. They crave authenticity, sustainability, and experiences that make their lives simpler. They're killing it on social media and, with a combined $400 billion in disposable income, they're not afraid to spend it on brands that align with their values. Give them a memorable dining experience, and they'll be your bestie IRL and on the gram.
👉 A shoutout to SpendGo. We just can't stop raving about our partners over at SpendGo. Their ingenious loyalty program helps restaurants meet guests where they're at, no matter if they're dining in, on their phones, or logging in online. SpendGo's strategies for driving loyalty and boosting campaign adoption are absolute magic for restaurant operators looking to attract customers and keep them coming back for more.
Alright, that's all for now! Stay tuned next week for more tasty insights from the world of hospitality. Until then, chill out and keep it fresh!
*Branded Hospitality Ventures*Jimmy Frischling**[email protected]235 Park Ave South, 4th Fl | New York, NY 10003
*Branded Hospitality VenturesBranded is an investment and advisory platform on the cutting edge of food service, technology, innovation, and capital. With deep industry expertise and connections, Branded provides strategic counsel and support to its portfolio companies as they grow and evolve.*Learn more about Branded here: Branded At-A-Glance February 2024
- The guest experience, a crucial aspect for many businesses in the hospitality industry, will likely see significant investments in 2024, as operators looks to technology to improve competitiveness.
- In the realm of finance, innovative businesses like Branded Hospitality Ventures are providing strategic counsel and support to portfolio companies in the food service and technology sectors.
- Aside from food service, the lifestyle sector, including education-and-self-development, entertainment, and general-news, also show potential for growth and investment.
- In the podcast realm, millennials and Gen Z consumers, representing the largest and soonest-growing group of consumers, crave authenticity and experiences that align with their values.
- Despite the record-breaking sales projected for the food service industry, nearly 75% of foodservice businesses are currently operating at a loss, reflecting the ongoing challenges in the sector.
- In the sports world, the rising spending power of millennials and Gen Z consumers bodes well for businesses looking to cater to their preferences, which favor experiences over mere spectatorship.
- As the hospitality industry continues to adapt to the digital age, supply chain management and other technology solutions will play a crucial role in ensuring food service businesses remain competitive and sustainable.
