Jarden chief leads consumer research discussion at QSR Media Conference & Awards 2024
The event is on 23 September at the Hilton Sydney Hotel in Sydney, Australia.
With a growing demand for both value-driven options and innovative, healthy choices, QSR operators are under pressure to adapt quickly. The impact of technology, the need for innovation, and the ongoing rise in costs are just a few of the factors shaping the future of this dynamic industry.
Ben Gilbert, Managing Director, Head of Australian Equity Research, Jarden will lead a speaking session on the state of the Australian consumer as it relates to the Australian QSR market at the QSR Media Conference & Awards 2024, this 23 September at the Hilton Sydney Hotel in Sydney, Australia.
Ahead of the event, Ben shares his insights on what lies ahead.
What are the key trends and developments currently shaping the quick-service restaurant industry in Australia?
There is bifurcation occurring in the Australian QSR whereby consumers are seeking value, with price a key component or seeking innovative, healthy options that excite the customer. We are also seeing ongoing evidence of downtrading, which we believe is driving net unit growth overall as consumers both trade in (from eating out) and out (to eating at home)
In what ways have you noticed technology influenced the industry? Could you share an example?
Consumers have more choices than ever, a brand's ability to provide a clear service proposition through price, range, and delivery is key. We are seeing this across companies such as GYG through its addition of delivery to the app, Domino's global partnership with Uber and smaller cafes adopting loyalty programs merchants such as Square.
From your vantage point, what do you see as the major challenges and opportunities for the quick-service restaurant industry over the next five years?
The consumer is empowered and QSR operators will need to continue to innovate to grow their share of the wallet, whilst at the same time controlling costs to maximise returns as CODB continues to rise.
What strategies do you recommend QSR operators adopt to enhance value, and effectively attract and retain customers?
Focus on value perception and breadth of consumption occasions – this will lift store productivity but also the addressable market. Utilising techs such as kiosks as suggested add-ons, loyalty programs and target promotions can also drive share. Overarching all of this is quality – having a quality product that consumers like, want and makes them feel good is key.
How crucial is innovation for maintaining competitiveness in the QSR industry
It is key, to drive both frequency of purchase for existing customers, but also driving new customers into the category. Innovation does not only need to be product, it can also be partnerships, promotions and experiences.
To hear more from Ben, join us at the QSR Media Conference & Awards. For more information, please visit this link.
