Restaurant sector market value grows by £5.4 billion

03/11/2022

Innovative strategies and increasing use of technology have allowed the hospitality sector to recover ground lost during the pandemic.

The restaurant sector’s market value is set to hit £18.1 billion this year, still at 94 per cent of its 2019 value, but showing a growth of £5.4 billion year-on-year, according to Lumina Intelligence’s Restaurant Market Report 2022.

Consumer penetration, frequency and spending all declined year-on-year, badly affected by the cost-of-living crisis.

The report, an overview of the UK restaurant market landscape in the UK, says that value-led strategies, sustainability, innovation, and digitalisation have been some of the key growth drivers.

The report adds that operators are expected to continue developing strategies to further boost growth, including:

• Regular promotions
• Offering sophisticated loyalty schemes
• Careful menu price management, and keeping dishes affordable
• Hosting special events and music to deliver added value.

There is no silver bullet that makes a restaurant a success, but here are some of the qualities that will make customers return:

Quality on the menu

It’s obvious that a restaurant must produce good food to be successful. Hiring a top chef who produces delicious food will make customers return time after time.

A great customer experience

The food needs to be complemented with great service. Polite, knowledgeable and helpful staff adds to the customer experience. Pay the right money for the best people.

Staff satisfaction

The duties in the restaurant industry are extremely tough; working strict hours, and catering to grumpy customers with patience is a difficult task indeed.

On top of this, if your staff is not happy with their work conditions and their remuneration, then their dissatisfaction is likely to reflect in their work.

Stay on top with the best technology

The latest software should include point of sale, online ordering systems, inventory management, payment management, staff management, and so much more.

Acquiring the best technology is an investment that will pay for itself over time.

Need help with related hospitality issues? Contact us today.