In a recent survey, 60% of American adults said they preferred staying in to going out. What does this mean for the hospitality industry?
Imagine a future where you get all your food, clothing, household goods and pharmacy items delivered to your door. Imagine you work from home and connect to your colleagues in a virtual office. Imagine you can instantly connect with your friends and see them in high definition in real time. Imagine that when you want to watch a movie you stream it instantly in high definition on a large screen. Imagine that you can join an exercise class from your own living room and feel like you are there. Imagine if you want to travel or explore you just put on a Virtual Reality headset and feel like you are somewhere else.
This future is mostly here. The only component that is not truly developed is the virtual reality, and the billions being poured in to that technology suggest that within 5 years truly immersive realistic experiences will be available.
Leaving aside any discussion as to whether this is healthy for society or humankind, let's consider what this trend means for the hospitality industry. Here is the mindset "Why would I go out to a crowded bar or noisy restaurant when I can sit at home on my comfortable couch, watch any shows I want, order in any food I want, wear what I want, and talk to any friends I want?" This trend to minimize social outings has even been dubbed "Generation Bore" by some. Research in the USA, Great Britain and New Zealand, all point to more people staying at home rather than going out. Perhaps this is the inevitable result of the convenience economy in which we live, where pretty much anything is available for delivery at any time.
So, back to our question as to how this will, or is, impacting the hospitality industry. If you read this site regularly, you will know every recent study and research report confirms the growing trend for virtual restaurants, cloud kitchens, and at home food delivery. We are not suggesting the end of going out, or a disaster for all non-delivery restaurants. Not yet at least! But we are saying that the data suggests a growing threat and potential opportunity for the hospitality industry. If you own a restaurant you need to offer delivery and need to consider starting your own virtual restaurant to protect your revenue and to create an additional profit center.
At the very least you need to stay informed and, in a shameless plug we recommend you bookmark our site and check back here daily for the latest news!