Marriott International, one of the world’s leading hotel groups, recently published a report on the new F&B trends in Asia that it says are here to stay in the wake of the pandemic.
Covid-19 brought in a host of unforeseeable factors that upended the dining and drinks industry around the world. However, the devastating situation also ignited counter solutions and innovations. Marriott International spoke to a select list of key opinion leaders, namely restaurateurs, chefs and barkeepers, in key Asian cities, including Bangkok, Beijing, Hong Kong, Perth, Shanghai, Singapore, Sydney, Taipei and Tokyo, to gather their insights on the near future of the industry in the post-pandemic era.
The report pointed out 10 new emerging trends to watch as suggested by the industry insiders.
‘Revenge spending’ vs New frugality
Since the start of this year, many Asian countries have been through a lockdown to some degree. F&B operators in Hong Kong saw a positive increase in reservations from April to July this year and a subsequent small surge in spending along with it, although in July the government imposed a short-lived ban on dining in before lifting it again. Other cities, such as Shanghai and Bangkok, have followed this same ‘revenge spending’ pattern once local restrictions were lifted; however, this did not happen in Singapore.
The two-month long circuit breaker in the city results in the drop of sales from people dining out and drinking in short term. As firms are adopting to telecommuting, Sarissa Rodriguez-Schwartz, co-founder of SJS Group, said there is a significant fall in lunch sales, yet destination diners catering to social engagements and special occasions will fare better.
However, as the economy dives into a deep recession, consumers may halt impulse and extravagant spending to increase their savings. Restaurant and bar operators should get prepared to create relevant experiences for this demographic.
