India stands as the biggest consumer market in the world today. With population soaring to 1.5 billion by 2030 and an anticipated 38.4 % urbanisation index, the need for drinking and dining out is growing rapidly. With an average monthly dine-out rate of 5-6 times per month, the country is quickly catching up with other Asian cities where the nightlife business is thriving.
Double household incomes, growing socio-economic conditions, nuclear families opting to dine out more frequent, international exposure to cuisines, access to newer music scenes are all contributing to the growing nightlife experiences. Today the young metropolitan Indians think a city’s nightlife is crucial to it’s being considered a modern urban space and is an important factor in their choice of where they would want to live. A clear majority of those aged between 18 to 35 years tend to work till much later than they used to earlier. It’s not surprising that these young people would view nightlife options as essential.
Also a rapid growing young population, rising income levels, increasing use of technology in consumer space, urbanisation, brand and style awareness, health consciousness, increased social media activity, hectic life routines etc. have led a shift to consumers’ food buying habits. The following trends are pushing the food and beverage service industry towards a higher trajectory:
Increasing preference of eating out: People are eating out at least 5-7 times in a month which in itself is a new trend.
Hygienic and Healthier Menu: Focus on healthier menus and dining out in more hygienic spaces is becoming the priority of many.
Infusion of Menu: The consumer in India is exploring both global and authentic Indian regional cuisines today. Infusion of local ethnic dishes in the menu is providing higher comfort levels for Indian diners.
On-the-Go Food is growing: Busier lifestyles are leading to increased on-the-go/ ready to eat food options.
Tech Play: The growing internet penetration and tech disruptions are leading to easier and faster food delivery.
Social Sharing: Social media platforms giving opportunities to people to share their culinary experiences are urging consumers to try new food options and outlets. Especially review based decision making has increased drastically.
Micro-brewery is new fad: The micro brewing industry in the near future is going to change the drinking trends. It is destined to grow at a very rapid scale.
Hence, we can say that it's a very exciting time to be present in the industry. The landscape of going out is evolving at a very fast pace. Every day is different and you need to bring your best to ever changing and non-forgiving consumption base. Sustainability of restaurants in this VUCA (volatile, uncertain, complex and ambiguous) world has become quite tough bringing lots of competition in the sector.