Consumer Trends Changing Our World: Insights From ESV’s Food Industry Roundtable

Consumer Trends Changing Our World Copy
10
Oct

Consumer Trends Changing Our World: Insights From ESV’s Food Industry Roundtable

10.10.16

ESV’s inaugural Food and Hospitality Industry Roundtable, held on the 25th August at the iconic Aqua Dining in North Sydney, brought together 20 of Australia’s leading food industry experts to discuss the big trends changing the world of food and hospitality.

 

The conversation was facilitated by branding expert Simon Corah, the creative behind McDonald’s ‘Create Your Taste’ strategy in Australia.  Simon and guests quickly acknowledged that the food and hospitality industry operates within an environment of constant change, more-so than most other industries.

 

Unlike many industries where pallets of products are manufactured and sold over months, the food industry – particularly the management of refrigerated goods – requires a highly sophisticated supply chain that is monitored by the minute rather than the day or week. 

 

While food and hospitality business owners face unique forces of disruption due to the fast paced nature of the industry, Simon identified a number of key trends that are shifting consumer needs across a range of industries.

 

‘Me’ and Data - I am different

Consumers have never been as connected as we are today. We are ‘always on’ across a myriad of platforms and devices, and we are posting, sharing and consuming content throughout our waking hours. We share good experiences and we share bad experiences. And we expect customised and personalised content tailored to our individual needs, wants and interests.

 

The Pervasive World of Mobile

According to a Deloitte 2015 study, 81 percent of Australians have checked their smartphone within an hour of waking. For 18-24-year-olds, this percentage is 92. Every industry is, or should be, evaluating mobile.

 

Virtual Reality, 3D-Printing, AI and Robotics

Newer technologies such as virtual reality (VR), artificial intelligence (AI), 3D-printing and robotics are no longer concepts from science fiction films. Industries today are experimenting and implementing technology applications that were only dreamed of a few short years ago. Will we 3D print food? How will robots be utilised in food production, preparation and delivery?

 

Grey Power - Aging, Active, Fitter

Today we live longer, are more active and are generally fitter. Growing at more than 30 percent year-on-year, the ‘financially comfortable’ over-65 market is a segment that cannot be ignored.

 

Key Takeaway

Regardless of industry, the world we live in is changing.  There is no doubt that technological innovation and changing consumer needs are causing major disruption across a number of different industries.

 

As business owners, it is crucial to be aware, informed, agile and prepared to adapt to the changing needs of your customers. 

 

If you are a business owner in the food and hospitality industry and are interested in attending one of our future Food Industry Roundtable events, please contact us at admin@esvgroup.com.au.