State of the Hospitality Industry
2024 Report: Hospitality Insights and Dining Dynamics
In-depth report on dining trends, restaurant technology and the financial shift in Australia.
2024 State of the Hospitality Industry
We interviewed over 500 hospitality owners and more than 1,000 consumers from across Australia to understand current dining trends, customer expectations, the financial shifts in Australia, restaurant technology and what to watch out for in 2024.
The report answers several key questions, including:
- How often are consumers eating and drinking out, and what are they spending?
- Which dining trends do venues plan to introduce in 2024, and what do diners want to see adopted by hospitality venues?
- How much have operators increased menu prices?
- What do consumers think about surcharging?
- How are venues using AI?
Sustainability is on the menu for hospitality owners and diners
100% of operators are implementing at least one environmentally friendly initiative, and 34% of consumers want to see more sustainable food sourcing from venues.
Veganism causes a dining disconnect between venues and diners
Hospitality operators rank vegan and plant-based items as the most important dining trend to implement this year. Diners, however, ranked it at the tail end of the dining priorities scale – in position 7 out of 8.
Cost of living crisis hits 99% of hospitality venues
Diners are feeling the pinch too, with 70% of customers needing to fork out more on their hospitality bills in 2023 than in 2022.
Menu prices increase by one-third as operators battle inflation
Venues have also had to change menu items, let staff go and renegotiate with suppliers to combat rising prices.
Hospitality operators emerge as early adopters of AI
Operators are using AI to enhance their operations, from marketing and promotions to scheduling employee shifts, inventory management and guest reservations.