Why great restaurants have a future.
Everything has changed in the past few years.
It all comes down to what aging baby boomers and millennials want out of life.
Restaurants and travel are perfect for social media.
There was a time when people wanted material things more than they wanted experiences. Today people of all ages have realized that they’re not going to care about the sofa, the dining room china cabinet (that no one uses), or a closet full of 50 different outfits when they only wear the same 5 over and over.
What people want today are experiences — and memorable ones at that.
What does this have to do with restaurants? A lot.
Aging baby boomers are looking for ways to check off bucket lists including travel, cruises, and time spent with friends over meals. They also have the budgets to go eat out in nice places.
Millennials are looking for social media rich experiences and eating out from low to high fills the bill. Younger people want to be able to hang out with their friends, photography their food, and share their experience on social media. Restaurants are a perfect outlet for this.
Hotel and airline bookings are at or near all time highs and retail shopping (the Mall) is facing its most challenging time in years. There is a shift happening out there and the economic losers will be the big retail malls (which by now are homogeneous), and the winners will be those places and things that deliver great, social media ready experiences.
Good restaurants are perfectly positioned to capitalize on this and make a lot of money delivering great food and the experience venues.