Sluggish traffic, growing diner interest in afternoon snacking occasions and a trend value menus and digital and in-store personalization will shape the restaurant landscape this year.
In 2024, as the restaurant sector stabilizes, operators are implementing fresh approaches to tackle ongoing obstacles. To counteract slow foot traffic and customer apprehensions about increasing costs, restaurants are introducing innovative value menus to attract more patrons and foster brand allegiance. Concurrently, establishments of various types are customizing their rewards systems to provide diners with tailored incentives and experiences, with numerous companies adjusting their points redemption structures and incorporating gamification elements to encourage frequent returns.
Many restaurant chains are ramping up investments in their catering platforms to capitalize on the return-to-office trend and the growing demand for boxed meals and event catering. Additionally, some restaurant brands are focusing on attracting younger, on-the-go consumers by targeting the afternoon snack market to boost sales.
However, important questions linger. Will enhanced value menus significantly impact restaurant visits? How can struggling franchisees and franchisors avoid the financial pitfalls that plagued many operators in 2023? Can service fees help restaurants cope with soaring labor costs without driving away customers? And what potential does the snacking market offer for quick-service restaurants seeking to compete with established players like Starbucks and CosMc’s?
Explore Restaurant Dive’s five outlook articles for insights into the strategies businesses are employing to navigate the challenges and opportunities of 2024 and beyond.
