As the last of the millennial generation take their seats at the bar, get ready for a big change when the new kids on the block, Generation Z (2000-2019), start rocking up.
Nothing new that the hospitality biz is built around 20 and 30 somethings going out drinking, eating and having a great time. But what happens when a larger percentage of younger Gen Y's or most Gen Z's start struggling to find full time work or are under employed?
Will this impact entertaining habits and business?
Absolutely.
OK, so when younger people cannot afford to go out to bars or eat at trendy restaurants where do they go?
STAY HOME!
This scary thought has massive implications for an industry with a dwindling customer base:
- Bars and restaurants close up.
- Bartenders lose jobs.
- Where do uni students go to find casual work?
- Will cocktails will get cheaper and cheaper to attract customers?
Some after affects:
- How will liquor brands build name and reputation on premise?
- Where will consumers get to try/sample new product?
- What will happen to liquor innovation?
Each new generation brings new challenges and opportunities. No one can afford to rest on their laurels forever, maybe here's an early opportunity to plan ahead for a different kind of future.