Consumers are spending less money on goods and more money on experiences, which is a positive for the restaurant industry.
Traditional full-service restaurants that once flourished are now fading as fast-casual concepts that provide both entertainment and nourishment take the spotlight. Part of this shift is due to retiring baby boomers, who are being more conservative in their discretionary spending, Transwestern reports. Though millennials have similarly tight budgets and place more value on environmentally conscious practices, the generation prefers restaurants that promote organic, locally grown food.
Fast-food concepts like Smashburger, Shake Shack and Five Guys have all maintained a loyal customer base, and concepts like gourmet pizza and specialty taco chains have also performed well. Moving into 2018, restaurant trends could marry these two concepts, creating models that offer fresh and farm-to-table on the run.
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