The industry is facing a major slump in 2018, quite possibly the greatest reduction in traffic for total restaurant locations in the past 30 years.
Foodable Labs research reveals this trend based on a combination of three factors – industry sentiment, a transitioning consumer base and slowing social restaurant visits (SRVs.) These factors combined will attribute to the impending doom for the restaurant business in 2018.
This is where the Emerging Brands come in to save the day.
What seems to be a bulletproof approach to brand building, we have found that there are 150 brands that seem to be bucking the trends of slowing traffic, closing locations and a consumer shift. In fact, these emerging brands are breaking the norms of the restaurant business of the past by creating a new approach for an entirely new type of consumer.
These 150 restaurants are leading the industry in a variety of categories. On average, they are up 8.2 percent in SRVs versus the rest of the top 1,000 brands we have indexed, which is down 5.9 percent.
These brands also have an average Sentiment score of 86.5 compared to the industry average at 76.2.
What is even more impressive is the breakdown of consumer base. These brands average a staggering 63.5 percent of millennial consumers, a segment of the population with super buying power.
In particular, emerging brands are approaching the business model of food in ways that many brands either can’t due to restrictions in operations or have not been able to adapt by creating a whole new experience and connection to these new-age guests.
This report provides significant data on the areas these brands are over-performing in, as well as trend analysis on how they are changing how consumers eat and how they are on track to making a massive impact in the next 20 years of the restaurant industry.