It is hard to believe, but COVID-19 hit 4 years ago, and it has already been more than 2 years since the world started going back to living the “normal” life.
During the pandemic, the hospitality industry was one of the industries that was affected the hardest. Everyone was at home trying to survive the awful virus, and going out for a pint or out for dinner had become just a memory.
According to the National Restaurant Association, January 2023 was a strong start for restaurants and bars, with the food service industry forecasting to even surpass pre-pandemic levels, reaching an all-time high of $997 billion in sales.
On the other side, the ongoing rising cost of food is a significant issue for over 92% of operators and 47% of these operators expect competition to be even more intense than it has ever been. The trend of inflation, even though it has subsided since the start of the pandemic, is still an ongoing trend, causing menu prices to rise by 5.4% from October 2022 to October 2023.
The restaurant industry, a dynamic and ever-changing space, is poised for another transformative year in 2024. Building on the lessons learned from the past few years, let’s delve into the key trends and insights that are set to shape the dining and bar scene in the coming year.
Recap of 2023 Trends
1. Shifting consumer behavior:
A strong start in January 2023 in retail and dining spending was followed by a reversal of trends. While navigating an uncertain economy, consumers started eating out less and staying in more. An ongoing trend in 2023 was fast casual dining and increasing prices due to inflation is one of the biggest reasons behind it. Another reason is the convenience of ordering through your phone and having the meal come to your doorstep.
2. Return to the office:
Even though working from the office is not at the levels it was pre-pandemic, the number of employees going to the office has risen more and more since the pandemic. This has boosted the number of sales mostly for coffee shops and fast-food restaurants.
3. Migration
Since 2018, more and more people have been moving to rural and suburban areas. Chain companies with locations in such areas have substantially increased their profits. One of these chains is Chipotle which has done a fascinating job opening locations in rural and suburban areas.
4. Experience
After the pandemic, consumer behavior changed immensely. One of the changes is the expectations of consumers. Now consumers are looking for much more than just a nice meal; they want a great experience. Eatertainment, meaning the combination of dining and entertainment, had 25–30% foot traffic after the pandemic. Olive Garden and Outback are two restaurants that have done particularly well in the past 18 months.
5. Outlook for 2024:
According to The Food Institute, while 2023 was the year of inflation, 2024 is projected as the year of innovation. Consumers value quality and convenience more than ever before. With the advance of AI and automation, the food and beverage industry is in for a great ride. According to The Food Institute, rural and suburban areas will continue to thrive, and restaurants that have implemented automation in they’re operations will be the ones making the most profit. One example given by The Food Institute is Sweetgreen’s Infinite Kitchen concept in Illinois, which has a fully automated assembly line, and that location has 50% higher visits than legacy locations.
Best Technology Innovation for 2023
2023 might have been the year of inflation for the Food and Beverage Industry, but Pubinno managed to win the biggest and most important award in the industry, with the Smart Tap winning the title as the Best Technology Innovation of 2023 from the prestigious FoodBev Award held at BrauBeviale.
This recognition from FoodBev Awards comes shortly after Pubinno’s Smart Solutions were recognized with the Innovation Award for the Bar and Restaurant Category at Hospitality Tech Expo in the UK.
These two awards are evidence of Pubinno’s cutting-edge Internet of Beer and patented-AI technologies and show the big impact we’ve made this year in the global beverage industry.
With our smart solutions, we have changed and improved the way we pour by setting a new standard of perfection and innovation while also impacting a Net Zero future.
2024, The Year of Innovation
Pouring Innovation: Pubinno’s Global Influence with the Internet of Beer
With a presence in over 60+ cities across 3 continents, from Tokyo to Barcelona to New York City, more than 62 Million Perfect Pints have been poured from the Smart Tap.
As we look back on these 62 Million Perfect Pints, we see more than just a number; we see a global community, building the Internet of Beer and connected by the mutual love for quality draft.
Here’s to the 62 million Perfect Pints poured, the 2000+ locations, and the millions of beer lovers who have joined us on this journey. We are immensely grateful for the recognition from FoodBev Media, which underscores our unwavering pursuit of excellence.
Pubinno remains dedicated to pushing the boundaries of innovation, continuing to redefine the future of beverage dispensing technology, and contributing to a greener world. The Best Technology Innovation Award is a testament to Pubinno’s commitment to excellence, and the company looks forward to many more milestones as we build the Internet of Beer.
2024, Flexibility and Convenience Redefined
Seamless Integration with Apple Pay, Google Pay & Bitcoin
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Pubinno’s Smart Tap keeps improving, and the latest features mark a significant milestone in the pursuit of a global solution for the 21st-century customer. With the seamless integration of Apple Pay, Google Pay and Bitcoin, Pubinno once again sets the standard for modern commerce.
Now, customers can experience swift and secure transactions with a simple tap, with the payment option of they’re choice.
Getting a perfect pint has never been easier.
This dynamic trio of payment options underscores Pubinno’s commitment to providing customers with not only perfect pints but also unparalleled flexibility and convenience. Pubinno’s reputation as a pioneer in the beverage industry is further solidified, offering customers an experience tailored to users preferences.
As we step into 2024, the restaurant and bar industry is poised for innovation and adaptation. With lessons from the past and a keen eye on emerging trends, both consumers and businesses are navigating this dynamic landscape. The journey ahead promises an exciting blend of culinary experiences, technological advancements, and a continued focus on value and convenience.
Stay tuned for a year filled with innovation in the world of dining and bars! As Pubinno we are so excited to make the Internet of Beer even better and spread it to even more corners of the world.
To learn more about Pubinno’s Internet of Beer click here.
Cheers!
