When it becomes clear that one particular demographic is bolstering the performance of a particular industry, it behooves potential business owners to take a glance at the market. The quick-service restaurant (QSR) franchise industry’s popularity has skyrocketed due to activity from millennials, and now is the time to take advantage of the industry’s popularity. Read on to find out more about why Hot Dog on a Stick is lucky to be a major part of this industry, and why millennials are choosing QSR over sit-down options.
In this busy day and age, finding way to sneak in a quick bite is crucial for millennials on-the-go. Technology is evolving to make nearly every aspect of life convenient, so an opportunity that offers food and beverage expediently makes for an incredible investment. For instance, services that deliver food with the simple click of an application are coming to the forefront of food technology–which is equally driven by the millennial demographic. According to research done by the Global Business Travel Association, 63 percent of millennials choose a fast-casual concept for on the go business meals– with 75 percent of the workforce consisting of a millennial population by 2025. This population will not soon lose their desire for the next most convenient way to continue their day with minimal interruption. Therefore, there has never been a better time to invest in a quick service restaurant franchise model like Hot Dog On A Stick.
Cutting a weekly budget to the minimum necessity is becoming increasingly popular for millennials trying to spend in other areas. For any consumer who may be on a tight budget, a restaurant franchise is the best way to fulfill their needs while not breaking the bank. Dining at any restaurant includes increased spending due to tips alone. A consumer that has a tight budget and looking to dine-in is presented with drastically more limitations to their options than a customer eating at a quick-service restaurant franchise.
‘Millennials have been particularly conscious with their spending, given their growing student debt and lack of assets, which has driven up demand for low-priced food options such as fast casual and fast food.’
-Julie Littman, Restaurant Dive
Hot Dog On A Stick provides consumers with a variety of menu offerings that won’t break the bank for millennials while still providing quality ingredients.
Since millennials understand that quick service restaurant options are optimal for their daily spending habits, they have increased their overall spending in the industry. Statistics have shown that millennials will become the top spenders in the quick service food and beverage industry within the next ten years. These results have surpassed the incredible spending habits previously held by Generation X and the Baby Boomers. In 2016, research indicated that millennials spent over 13 percent of their annual salary on the food and beverage industry. Whether you buy it or not, it appears millennials are at an incredible pace–all of this pointing to the incredible potential opportunity that a QSR franchise could present.
Want to learn more about Hot Dog On A Stick restaurant franchise consumer trends? Contact us today.