A drop in 25-34-year-olds eating out could mean a potential loss in annual spend of up to £800m in the food market. However the over 50s market is steadily growing.
The 25-34s are facing higher living costs than ever, especially in housing and childcare, and this is prompting them to cut back on extra purchases. Restaurants and suppliers will have to work hard to determine what could bring the 25-to-34s back to the market. But now is also the right time to think more about the needs of the over 50s. And it is not just about the “going out for coffee” sensation, this is also covering eating out in many different type of cafes and restaurants.
Research suggests restaurants and other eateries can compensate by targeting the over 50s, a fast-growing demographic which will account for more than 70% of the growth in the country’s population between now and 2022, according to the Office for National Statistics.
Over 50s also tend to be wealthier, more active and more experimental when eating out than previous generations. Total OOH visits among people aged 50+ could increase by more than 4% by 2022 (130 million visits), three times faster than the total OOH market.
Over 50s are already the biggest spenders when it comes to eating out. The average bill for the 50-64 age group at a full-service restaurant is £13.41, higher than any of the other age bands. The over 65s have the second highest average spend at £13.10. Older customers will sustain weekend business. The NPD Group says the over 50s will drive more than half of an expected 14% increase in weekend foodservice traffic by 2022, and eventually account for 29% of weekend visits.
And what this “sandwich” generation expects is exceptional quality. They really don’t mind paying for what they have, but it needs to be great quality and served well. This is where we come in at Burts Catering Butchers. Supplying quality meat to many restaurants across the south east of England on a regular basis. If you are wanting to increase the quality of the meat within your eaterie, then please get in touch and we can arrange to come and visit you.