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Technomic Releases 2023 Foodservice Trend Predictions for Canada and the Broader Global Market
Technomic released its latest Canada foodservice trends forecast, What We Foresee for 2023, sharing predictions for the upcoming year, as well as the 2023 Global Restaurant Trend Forecast, which dives into trends on a global scale. As was the case in the U.S., challenges such as inflation, labor and supply disruptions impacted foodservice across the globe. While the industry looks to recover, we will see varying strategies from country to country that tap into menu innovation, sustainability, technology and more, as methods to counteract pandemic-related hurdles...
What We Foresee for 2023 - Technomic
It’s a tough time for restaurants, no doubt. The return to sustained normalcy that consumers and operators were anticipating after COVID-19 has been stalled by economic headwinds. Although supply chain problems appear to be receding, mainly because operators have solved for handling shortages and delays, inflation and the specter of recession are putting forth new hurdles for operators to jump over after already being depleted by the last couple years of the pandemic. While signs point to a challenging beginning of the new year, the latter part of 2023 should brighten as we...
Technomic Study Reveals Shifts in Foodservice Operator’s Path to Purchase
Technomic's newly released The Buyer’s Journey in the New Digital World Multi Client Study uncovers foodservice operators’ paths to purchase as well as the roles traditional, social and digital media play both directly and indirectly into the buying journey.
“To better understand how buying patterns in the market are transforming, we launched a brand-new study surveying 500 operators, as well as conducting in-depth interviews with operators via bulletin boards and at the National Restaurant Association Show, to explore purchase drivers, the role of digital ordering platforms, traditional sales..."
Impact of a Recession on Foodservice
Senior executives from leading financial institutions have been predicting that an extended economic downturn is becoming more likely by the day. But despite declining GDP and still-surging inflation, many executives have been hesitant to use the term recession when describing the prospects for the second half of 2022. This hesitancy is largely due to the fact that—despite all of the warning signs—there are also indicators such as consumer spending and low unemployment that defy historical conditions for a recession. So, where does that leave foodservice? How do we interpret the...
Technomic Launches Location Targeting, tracking 1M+ Foodservice Locations
Today, Technomic released Location Targeting, the newest feature of Ignite Company. Location Targeting captures more than 1 million foodservice locations and allows operators and suppliers to gain a deeper understanding of small chains and independents at the address level. This feature allows clients to explore view foodservice location characteristics, amenities and annual sales volume, all overlayed with Technomic's standardized operator classification system.
Technomic experts collect location-level insights through a variety of sources, including operator websites, business directories and consumer review sites. Locations are then mapped through Ignite search criteria and...
2022 Canadian Foodservice Trends: Midyear Update
Forecasting the Future
Canada’s pre-pandemic $95 billion foodservice industry was battered by sales losses of nearly 29% as we entered 2021. While COVID-19-related restrictions—influenced by new caseloads and the looming impact of virus variants—may directly affect consumer visitation and behaviour in 2022, current Technomic research shows that the new year will also bring an upswing in the Canadian industry’s sales and overall performance. According to our latest data, Canada’s foodservice sector is expected to reach $74.8 billion, reflecting roughly a 21% increase over 2021 and just 3%...
Technomic Reveals Global Opportunities for Breakfast
Technomic just released the Breakfast Global Menu Category Report, providing robust coverage, including consumer food and beverage preferences; segment patronage; key global, regional and local restaurant brands; and menu trends and insights on new product development strategies.
“The breakfast category remained largely resilient throughout the global pandemic, and now presents an opportunistic daypart for many restaurant operators and supplier partners,” explains Aaron Jourden, director of global research and insights at Technomic. “Consumers are back to using restaurants and foodservice outlets as normality returns to everyday life, but their attitudes, preferences and even venue..."
Technomic Takes a Mid-Year Look at its 2022 Foodservice Trends
As 2021 came to a close, research and insights firm Technomic dubbed 2022, the “Year of the Climb” for the foodservice industry. Six months later, the company released its latest whitepaper which provided a look at its predictions at the halfway point of 2022.
According to Technomic's Lizzy Freier, Director, Menu Research & Insights and Aimee Harvey, Senior Managing Editor the foodservice industry did witness a climb and improve compared to the pandemic-impacted years seen in 2020 and 2021.
However, the pair had much more to say...
Technomic Reports Top 500 Chain Restaurant Sales Recovered Past Pre-Pandemic Levels in 2021
Technomic has released one of its most highly anticipated reports, the 2022 Top 500 Chain Restaurant Report, which includes expert findings and insights into the sales performance of U.S. chain restaurants in 2021. The report is built using decades of historical data, providing a detailed analysis of the foodservice industry and overarching trends; annual sales and unit counts by chain and segment; and pandemic-related recovery metrics.
“2021 was a year like no other for the Top 500 chain restaurants,” said Kevin Schimpf, director, industry research...
What Gas Prices Mean for Restaurants
Starting last spring, prices across the board began to rise as sharp increases in demand for goods and labor intertwined with supply chain disruptions. No particular industry, product or service has been spared by rising costs which have been passed along to consumers. The rate of consumer inflation continued to rise to a 7.9% annual increase in February, the largest jump since 1982, according to the Bureau of Labor Statistics.
Foodservice menu prices have also been skyrocketing in this environment, driven by higher raw material and labor costs. Despite this, consumers have continued to...
New State of the Menu Report from Technomic Spotlights Trends to Come in 2022
Technomic released a new State of the Menu report, highlighting growing ingredients and flavors on menus; trend predictions that will surface this year; and insights into best-in-class, limited-time offers. Foodservice operators are facing industry challenges that will likely persist for the foreseeable future, and this report provides crucial details on how leading restaurant operators are finding ways to innovate amid ongoing labor and supply constraints. With consumers seeking new takes on familiar items, operators are finding creative ways to make classic dishes more...
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