Inquiring minds want to know what trends are shaping the landscape of the concession industry. From the business environment to technology to consumer preferences, we take a look at the issues influencing the future of the marketplace.
Sports Business Journal conducted interviews with a panel of 12 executives in the concession industry. From their responses, we’ve summarized five key takeaways that are at the forefront.
- An Increasing Role – Food and beverages are no longer just an accessory to an event. Consumer perceptions show the importance of concessions is growing. Individuals want an experience. This can encompass many aspects including service, atmosphere or flavor. Concessionaires who are up to the challenge will be unique and responsive to the customer dynamics.
- Health & Wellness – While hot dogs and nachos may remain best sellers, there’s a substantial need for healthier options at the concession stand. Select foods that are complementary to your existing menu. Some may question if it is worth the extra effort. The answer is yes—studies show that guests are willing to pay more for healthy alternatives.
- The Customer Experience – The way that people interact is changing. And that is impacting how and where food is served. Venues are gathering places and a sense of community should be encouraged. This can be accomplished via seating, visible preparation of food and attentive customer service.
- Social Media – Stadiums, amusement parks, shopping malls and other sites can use food and beverage as a source of content for social media. This is where “word-of-mouth” takes place. Promoting new flavors or offering specials is a way to engage the audience and attract new patrons.
- Mobile Ordering – Opinions differ on the value of mobile ordering and payment. Some see it as a game-changing opportunity that will bring users a new and different level of engagement. Others question the viability and feel the technology is not up to par and that it is not cost effective for vendors. No matter what your view, it is clear that mobile technology will be a factor in the future of the concession industry.
To successfully navigate changing trends, align with the industry leaders. Gold Medal knows and understands the market and can help you respond to customer preferences. For the largest selection of equipment and supplies, speak with our concession pros at 800-543-0862. Or send us your questions via email at firstname.lastname@example.org.