The restaurant industry constantly changes and new challenges and opportunities in trends, staffing and technology come each year. Here are some of the current and future top challenges, opportunities, pain points and successes of hospitality business owners. Understanding the factors that affect your industry and how other businesses are performing can be a great way to know how your business is tracking and help you better plan the new year.

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The Australian hospitality sector is performing well and revenue is expected to increase in the next five years. By 2023, the revenue in the hospitality industry may exceed $108 billion. Growth is reportedly strong. With a weak Australian dollar, affordability and out-of-pocket spend improve – attracting international visitors to travel to Australia. The accommodation and food services industry was sustained by an increase in international and interstate visitors in the last few years.

Technology is also changing the hospitality industry landscape as food delivery services grow. Restaurants are working harder for foot traffic or opting to cater explicitly to food delivery services. There are changes in consumer tastes and preferences as well, encouraging pubs to offer an alternative experience to formal dining.

The hospitality industry is growing across all sectors (pubs, bars, nightclubs, restaurants, cafes, coffee shops, hotels and resorts) with cafes and hotels experiencing the strongest revenue growth. More than half of the revenue from hotels and resorts comes from domestic travelers, slightly higher than the revenue earned from serviced apartments. Hotel and resort profit margins remained strong but competition on the pubs, taverns and bars has led to its drop in profit margins. Costs are rising in the hospitality industry as the market becomes more competitive and businesses compete for staff, equipment, etc.

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Australians aged between 45 and 64 are the largest demographic by patronage and spend so pubs, bars and nightclubs are encouraged to attract younger customers to ensure long term viability. The number of employees in the hospitality and the gross value added by the hospitality industry increased, highlighting the sector’s productivity in an increasingly competitive environment.

 

The hospitality industry has grown steadily over the past few years, mainly because of a growing foodie culture. Customers seek convenience and quality and restaurants offer different menus and food delivery services. Patrons reportedly value staff and service quality, dining experiences and security and safety most. They repeat business mostly because of an establishment’s proximity to their home, good atmosphere, good food and good customer service.

The Australian dollar may remain subdued in 2020 and will likely continue to attract international visits to the country and encourage greater spend per visit. Strong growth is expected in international visits and nights.

The hospitality industry will likely face low real wage growth and a reduced demand for luxury items. There may be technology disruptions with Airbnb and online food delivery services challenging traditional business models. The sector will need to meet the growing demand for excellence as online review sites continue to place pressure on businesses. About 86% read reviews for local businesses.

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There is an expected growth in online delivery applications, an increase in health consciousness and demand in premium and organic products and an increase in skilled staff competition. There may be greater need for marketing initiatives to attract customers and a large opportunity to cater to the Chinese market.

 

The projected annual revenue growth from 2018 – 2023/28 for hotels and resorts is 2.7%, 2.5% for serviced apartments, 0.5% for restaurants, 0.6% for pubs, bars and nightclubs and 1.7% for cafes and coffee shops.

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As you look for different ways to grow and improve your business, seeking professional advice could prove to be an important and helpful decision.

You can click here to speak to a businessaccounting and bookkeeping firm. We also offer hospitality business consultation and mortgage services. We will give you a call to know more about your needs. We will explain to you how we can improve your business.

We would love to help you formulate investment strategies and streamline your processes to take your business to the next level.  Our goal is to help you grow your business, find ways to invest more and increase your productivity.

Email Address: info@skyacc.com.au

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Sunbury Office Address: Suite 13, 33-35 Macedon Street, Sunbury, Victoria 3429,
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Gisborne Office Address: 45 Hamilton Street, Gisborne, Victoria 3437, Australia
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Phone: 03 97444522