The new trends in foodservice industry Essay Example | Topics and Well Written Essays - 500 words

The new trends in foodservice industry - Essay Example These consumers are not concerned about recession and unemployment, they tend to value retail and in-store experience and record the highest number of high-end restaurant visits. In addition to this, they are more concerned about their health while purchasing products and services (11). This article is, therefore, important in understanding the changing landscape of consumer demographics and its implications to the foodservice industry. It also equips food retailers and restaurants with relevant strategies for segmenting the market and designing products and services that meet the needs of the various population cohorts. Friddle, Sandeep and Jean (13) observe that the continued growth in the baby boomer and senior’s segment is driving further outcomes in the foodservice industry. Firstly, there has been the emergence of grocery and foodservice under one retail store and one business enterprise. This phenomenon occurs because the consumers in older market segment have the tendency to match ready-to-eat foods with other groceries, beverages and fresh produce ingredients as a way of customizing their eating diets. Secondly, there has been continued competition in the foodservice industry as the various foodservice providers seek to increase their market share and tap into this lucrative market segment. Thirdly, there has been continued increase in food product and menu innovation with the aim of increasing quality, eating experience and gaining competitive advantage over rivals. Fourthly, there has been a shift of consumer preference from cost factors to other evaluation valuables such as diets, nutritional and health concerns in the selection of foodservice restaurants. Growth in the baby boomers and seniors population, who have a high purchasing power, is likely to lead to continued growth in the food service industry. According to Friddle, Sandeep and Jean, this market segment has high disposable income, wide