Bonji Foods Aficionado Smart Brief: Volume 50
Hi all, welcome back to the Bonji Food Aficionado Smart Brief! Happy Tuesday and we hope you had an amazing Thanksgiving! The Holiday Season tends to bring a lot of uncertainties to the restaurant industry. Between fluctuating weather, changes in spending habits, and unpredictable employee/customer patterns, restaurants can often be left in the dark during the colder months. However, we believe that this season presents a very unique opportunity for restaurants, one that could help you stand out. Sometimes, it's the winter months that will truly boost your overall bottom line and push you forward as a business!
How To Capitalize on The Holiday Season's Unique Opportunity 1. You Are Still Cheaper Than Grocery Stores! This year, Thanksgiving dinners cost families about 20% more than it did last year. Yup, in just one-year grocery store and turkey-related prices have skyrocketed over 20%. Although we can chalk up most of the price hikes to inflation and supply chain issues, it still says a lot that families are having to spend more for their holiday dinners. We've discussed high grocery store prices in the past, but still, those prices are outpacing restaurant price increases by 5%! Due to this trend, about 51% of consumers are planning to reduce grocery store regularity. Nonetheless, this is the perfect opportunity for you to capitalize on the holiday season and offer your customers some relief. "Thanksgiving dinner, sides and all, is expected to be about 20% more this year, the federation forecasts. For added context, the average cost of a Thanksgiving meal for 10 is expected to be $64.05 this year, versus $53.31 last year and $46.90 in 2020." 2. Increase Your Marketing Efforts Once the Fall hits, it's time to ramp up your promotions and marketing efforts. The best month to start is September to allow time for customer planning, however there is no issue beginning later in the season! Think about how much effort families are putting into their holiday cooking. To further explain, 82% of consumers are looking for holiday specials or deals, according to Morning Consult. The days leading up to and post-holiday celebrations are a prime time for restaurants. However, you should be offering something to entice families to spend this time in your restaurant or at least ordering takeout. This is a great time to launch gift card programs, holiday dining experiences, or any type of discount that will draw in families. 3. Keep an Eye on Catering Potential You may not always feel that the holidays are good catering times, but in fact, they have been becoming a hot spot for restaurants. In fact, 2021 saw some interesting data points; 29% of consumers planned to order catering for holiday festivities and 39% planned to host a party at a restaurant. In our eyes, these were rather astonishing numbers. We had no idea that a growing portion of the population are looking to restaurants for their holiday food support. In tandem with high grocery store prices, customers are looking for good deals and stress-free breaks from their busy schedules. These numbers are only rising, thus, keep an eye on the potential to be a part of your customers' holiday celebrations.