June 11, 2024

Food and Beverage Trends 2024

Key insights from the report include:

1. Overall Optimism and Spending Plans: A significant portion of consumers are planning to increase their spending on food and drink as the weather improves in the coming months. This optimism reflects a broader confidence in economic conditions and a desire to enjoy outdoor activities and dining.

2. Fast Food and Takeaway Spending: There has been a slight decrease in spending on fast food and takeaways in May, with a -0.2% year-on-year decline. This marks the first negative month of year on year growth since 2020.

3. Weather-Driven Spending Increase: 28% of consumers are planning to spend more as the weather improves, with this percentage rising to 39% among younger consumers aged 18-34. This demographic shows a strong inclination towards increasing their expenditure on leisure and social activities during the warmer months.

4. Dining and Drinking Al Fresco: 34% of consumers plan to increase their spending on outdoor dining and drinking at pubs and restaurants over the summer. This indicates a growing trend towards enjoying meals and beverages in outdoor settings, driven by the desire for social interaction and pleasant weather.

Overall, the report highlights a positive outlook for consumer spending within the food & beverage industry. For restaurant, pub, and bar owners, these trends present a golden opportunity for them to enhance their menus with trending cuisines and complimentary food pairings, boosting sales and attracting more customers to their venues.

Interested in learning more? Discover how residencies can be a game-changer for your restaurant, pub or bar, contact our team today.

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