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Viewing report
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Restaurants Market Report Plus 2011
Key Note Publications Ltd, June 2011, Pages: 157
The value of the eating out market was £18.27bn in 2009 (excluding sales of alcoholic beverages). Despite the economic recession, this was up 2.6% on 2008 levels, when growth was negligible. Key Note estimates that in 2010 the market grew by a further 3.4% to a value of £18.87bn.
The restaurant sector in the UK is diverse and consists of a wide variety of subsectors, each offering something different to customers. Quick-service restaurants, otherwise known as ‘fast food’ restaurants, offer a relatively inexpensive, instant meal to customers, while pub restaurants, which are a result of pub operators’ increased reliance on food sales, offer a value-led variety of meals. Casual dining restaurants are establishments that offer a certain cuisine, for example Italian, or are themed; these types of establishments are commonly run by large national operators.
The restaurant industry adapted to the recession by halting expansion plans, particularly as competition from supermarkets and cheaper eating establishments became more pronounced. The economic downturn caused many customers to seek out promotional offers and discounts, eroding any previously held loyalty. Restaurants across all sectors were also forced to increase their prices in order to cope with the rising cost of commodities and ingredients, resulting in a reduced number of meals sold. Nevertheless, the industry as a whole has survived the negative effects of the recession well and is likely to see strong growth over the coming years.
The low price of meals in quick-service restaurants meant that this sector of the industry saw market share increase during the recession. In contrast, however, restaurants and pub restaurants struggled somewhat during the downturn due to the inherent higher price of meals in these sectors. Pub restaurants in particular have become increasingly dependent on food sales to generate large proportions of their revenue.
In the future, food labelling laws are likely to cost the industry, as healthy eating lobbies and the Government put pressure on operators to publish information regarding the nutritional content of their meals on menus. However, all in all, the restaurant industry appears to have survived the recession relatively unscathed. Large chains are once again announcing significant expansion plans and the early signs for 2011 are positive. Social networking websites are likely to play a significant role in the future in terms of attracting and retaining restaurant customers. The restaurant and quick-service sectors are set to continue to grow in 2011, while pub restaurants may continue to struggle to perform and compete.
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