Experts forecast that people will be spending conservatively on food this year partly due to inflation rate. In a recent Goldman report, analysts revealed that the international food spending is going to be similar to the decreasing oil and gas prices despite the proliferation of mid-range restaurants and cafes.
A Gallup survey conducted in 2012 showed that Americans prefer to eat home-cooked meals than those served in restaurants. On average, the respondents spend US$151 on food per week. One in 10 Americans said they allot US$300 on a weekly basis, while the other side of the extremes spends less than US$50. The figures are just slightly greater than the 1987 estimate at US$106, with young adults and people with higher income spending greater than everybody else.
Starbucks, Chipotle, Yum Brands Named Potential Highest Grosser
Interestingly, the Goldman research concluded that interest on coffee retails and to-go food chains will remain intact despite lowering spending budget for food. In fact, beverage chains like Starbucks see an increase of its stock market value by US$100 per share or a total of US$100 billion market share by the end of the year. The coffee bandwagon tops the list of most profitable food and beverage businesses. People are more drawn to the coffee habit at an increased rate.
Chipotle, the Mexican food bistro, comes in second to Starbucks, gaining momentum on sales. It is the same case with Panera Bread and Yum Brands. Yum Brands which endured a long struggle concerning the KFC food scandal in China last year is surprisingly reinventing its food concepts. The Chinese market will remain resilient; thus naming Yum Brands and Papa John’s the top choice for 2015 according to Janney Capital Markets.
It will be a good year for casual food dining, says RBC Capital Markets. More investors are open to building new food chains, the ones that will cater to closely targeted audiences rather than the usual fast food menu. Prices are mid-level due to abundance of local ingredients and better overhead costing.
Casual Dining is the New Trend
The first half of the 21st century had fine dining struggle with identity. Casual dining in forms of pubs and bistros is the newest trend for a number of reasons. The chair of British Institute of Innkeeping Anthony Pender described casual dining as the “welcome change to the trade show calendar”. The idea stemmed from open market fair, where there are no fashionable table cloths or brushed up waiters.
In the recent years, the demand for good quality street foods is overwhelming. Casual dining made access to quick, affordable, and delicious food easier. “When people think of fine dining, they think of waiters in suits, tons of cutleries, being expensive. We tried to break all that down. We want guests to have a laugh and enjoy the food. We have to be accessible. If people come in jeans and trainers, their money is as good as anybody else’s,” said Kenny Atkinson of House of Tides.
Restaurant magazine editor Stefan Chomka added that the British food market is gradually changing its mindset on fine dining. “Before, people would look at Michelin and the Good Food Guide as the ultimate benchmark; now they’re happy to go to places that aren’t feted by the guides,” he said.
In Atlanta, professional chefs are building more casual diners with at least 33 new restaurants to be opened this year. In early to mid February 2015, Superica will serve Texan-Mexican food patterned from El Felix restaurant. In Boston, chefs Matt and Kate Jennings are on the works of launching Townsman, one of the most anticipated restaurants in the area. Townsman will be offering New England brasserie food starting February 2015.
Similarly, Chef Nate Whiting foreclosed Tristan last spring. He now ventures out on more adventurous and casual contemporary American diner. 492 barbecue restaurant sets out on King Street in Charleston featuring an open kitchen, outdoor courtyard, and rooftop garden.
Big Electronic Brands Support Casual Dining
As a response to the current food trend, big kitchen equipment brands have committed support in the second Casual Dining event in London on February 25. Companies such as Electrolux, Magrini, Unox UK, UCC Coffee UK, Adande, Vivreau, Catering Design Group and Gram UK, and Ambach UK will showcase industrial machineries for use in the food business industry. With events like this, startup food entrepreneurs get access to the technology used in fine dining, which they in turn adapt on countryside diners. It keeps the price on the menu steady without compromising the quality of services.
It seems that a good portion of the world’s population is ready to move out of the typical fatty fast food culture. More people are becoming health conscious. Traveling introduces the other face of a particular destination – food – with more restaurants offering localized recipes. It is a win-win development for both the consumer and business owners.