From America’s changing demographics, a new generation of diners has emerged - and it is having a dramatic effect on the restaurant industry. Members of Generation X, born between 1965 and 1980, comprise 17 percent of the population and spend $125 billion annually on consumer goods in the US X’ers tend to snack more and embrace food exploration, making them a prime target for convenience, gourmet, premium and ethnic foods. Likewise, the Millennial Generation, - a born in the 1980’s and 1990’s, - are also a food-savvy cohort and are driving new dining concepts built around a fusion of cuisines, service styles, themes and technology.
Restaurant owners and operators are working to understand and respond to the preferences and expectations of Generation X and the Millennial Generation. Doing so requires that restaurateurs re-think their menu offerings, procurement patterns, technology, training, service, and marketing. Clearly, when it comes to serving its newest customers, the restaurant industry has a lot on its plate.
How PricewaterhouseCoopers can help you
If your company would like help cooking up new dining formulas, look no further than the PricewaterhouseCoopers Hospitality & Leisure practice. With unsurpassed operational and analytical experience, our Food and Beverage specialists offer a full menu of services ranging from operational assessments, competitor data analysis, and demographic, sociographic and economic lifestyle segmentation studies. Are you ready to order?
