Recent research has shown that, over the last 30 years, the UK's eating out spending as a percentage of total spent on food has doubled, with the UK's eating out market set to reach GBP52b by the end of 2012 - that's around one-third of the average consumer spending on food. (In the US it stands at half of total food spending).
Despite the recession, consumers are dining out more frequently than a year ago. But, as Matthew Burge, Partner at Beavis Morgan, the accounting and business advisory group, explains, we are seeing a cultural change towards eating out, with more customers still looking for a great dining experience, but on a budget.
Discounting and vouchers have become a big part of the UK dining culture, with the research showing that 84% of operators surveyed had discounted in the past year. And of those, half reported a 5% increase in revenue as a result.
"With this rise in eating out spending, there is a strategic opportunity for good business ideas in the restaurant market," Matthew says. "We are seeing an increased demand for new, innovative ways to market establishments and engage with customers to drive footfall."
Beavis Morgan's extensive experience of successfully advising clients in the hospitality and leisure sector has firmly established them as acknowledged experts in issues affecting organisations operating in this area.
So, with the UK hospitality industry craving new, innovative ideas for growth and development, now is the time to put your business plan in place and set tongues wagging.
[Research: Allegra's Eating Out in the UK 2012 report]
About Beavis Morgan
Beavis Morgan is a specialist accounting, tax and business advisory group, with a well established reputation for improving business performance across a range of sectors, including the Hospitality & Leisure sector.
As business advisers, solving business problems is what Beavis Morgan does best. Finding the right solutions and providing excellent, tailored advice is what helps their clients increase their net worth.
Services include: Accountancy, Audit, Business Advice, Restructuring and Tax.
Tel: 020 7417 0417