Strategies for High-End Restaurants and Fine-Dining during the Cost-of-Living Crisis
Powered by
All the vital news, analysis, and commentary curated by our industry experts.
Strategies for High-End Restaurants and Fine-Dining during the Cost-of-Living Crisis Report Overview
Fine dining has strong potential if it can adapt to inflationary pressure accordingly. Forecasts for fine-dining channel performance are positive overall as typical high-income clientele remain largely unaffected by the cost-of-living crisis. However, the post-pandemic, high-inflation, supply-chain-compromised landscape means that fine-dining operators will still have to adapt if they are to survive long-term.
There has been stronger resistance in fine dining to advancements that are happening in other foodservice channels such as tech automation. However, both businesses and consumers are changing the way they view the fine-dining format. Inflation is obliging many breaks from tradition but a shift in consumer attitudes and values is also a significant factor.
The “Strategies for High-End Restaurants and Fine-Dining during the Cost-of-Living Crisis” research report explains the various ways out-of-home experiences will take place in food service in the future. Their importance to the consumer and how industry players can leverage them are also included in the report.
Buy the Full Report for More Insights into High-End Restaurants and Fine-Dining Strategies during the Inflation
Fine-Dining– Market Overview
Fine dining caters to an upscale clientele, providing a higher quality of food and extended wine menu in comparison to casual dining. Forecasts for fine-dining channel performance are positive overall as typical high-income clientele remain largely unaffected by the cost-of-living crisis.
Fine dining is set to be the fastest-growing channel in many regions. This is because consumers seek higher quality and elevated out-of-home dining experiences as additional justification of value compared to staying at home. In 2022, Asia-Pacific had the highest value among all regions.
Global: Market Value of the Fine-Dining Channel ($M) OSP, By Region, 2019–27
Buy the Full Report for More Insights into the Market Overview of High-End Restaurants and Fine-Dining during the Inflation
Fine-Dining - Responses to Inflation
Typical fine-dining consumers can afford price increases but are still put off by sudden price hikes. The rising menu prices due to inflation are deterring even those consumers who can afford it the most. There was a stronger continuation of eating out in higher income brackets in 2022. This means that these groups are more likely to keep to their usual number of visits to food service or cut down slightly rather than stop visiting altogether which was a more prominent choice in lower income brackets.
To cater to the demand of customers and combat inflation fine-dining restaurants are coming up with an increasing number of cost-cutting tactics alongside larger sustainability improvements, such as local sourcing. For instance, Corrutela of Brazil.
Corrutela, Brazil: It is a Michelin-awarded restaurant and nominee for the 2021 Flor de Caña Sustainable Restaurant Award located in Sao Paulo, Brazil. All ingredients are sourced seasonally and locally within Brazil and made from scratch, including the flour, which is milled on-site. By sourcing locally, the business can cut transportation costs and minimize potential supply chain disruptions, while using every part of its ingredients allows the brand to maximize the value for money when buying stock. Solar panels, too, will alleviate overheads as energy prices soar.
Buy the Full Report for More Insights into the Responses of High-End Restaurants and Fine-Dining during the Inflation
Scope
This report is part of a series on key trends that are currently affecting the food service landscape. This report explains the various ways out-of-home experiences will take place in food service in the future, their importance to the consumer, and how industry players can leverage them.
Key Highlights
- Ethics in various forms will be key to continued success.
- Faced with labor and food supply shortages, fine-dining players must ensure staffing policies and ingredient sourcing/usage can withstand soaring costs and disruptions.
- Fine-dining operators can no longer be ‘tone-deaf’ to the ‘have-nots’ in society and should act as supportive members of local communities to retain customer loyalty, whether this is through supporting local suppliers or equality and inclusion.
Reasons to Buy
- Understand the challenges and opportunities for high-end and fine dining foodservice brands during the cost of living crisis.
- Gain insight into how competitors are responding to this trend.
- Access valuable strategic take-outs to help direct future decision-making and inform new product and service development.
Bayroute
Lodi
Tom Kerridge
Hi Felicia
Pony & Trap
Corrutela
King's Joy
Noma
Timbre
KLE
Seven Swans
Vegan Ramen UZU
Sublimotion
Haar
Table of Contents
Frequently asked questions
-
What are the strategies of fine-dining restaurants to combat inflation?
To cater to the demand of customers and combat inflation fine-dining restaurants are coming up with an increasing number of cost-cutting tactics alongside larger sustainability improvements, such as local sourcing. For instance, Corrutela of Brazil.
-
What is the strategy of Corrutela to combat inflation?
To combat inflation, Corrutela is sourcing all ingredients seasonally and locally. By sourcing locally, the business can cut transportation costs and minimize potential supply chain disruptions.
Get in touch to find out about multi-purchase discounts
reportstore@globaldata.com
Tel +44 20 7947 2745
Every customer’s requirement is unique. With over 220,000 construction projects tracked, we can create a tailored dataset for you based on the types of projects you are looking for. Please get in touch with your specific requirements and we can send you a quote.