U.S. Diners Are Feeding the $1 Trillion Restaurant Industry Like Never Before. Here's Why — and What They're Hungry for, According to Resy's CEO. The average household spends $2,375 a year on dining and takeout purchases.
By Amanda Breen Edited by Jessica Thomas
Key Takeaways
- Technology makes ordering in or dining out easier than ever before.
- Reservation platform Resy, which launched 10 years ago, is committed to connecting diners with restaurants.
- The co-owners of Lilia and Misi reveal what diners want from their experience — and the pandemic's impact on preferences.
These days, Americans crave dining experiences. The U.S. restaurant industry is on track to see $1 trillion in sales for the first time in history in 2024, according to the National Restaurant Association, and the average household spends $2,375 a year on dining and takeout purchases.
Technology makes it more convenient than ever before to order a delivery or reserve a table with the touch of a button. And although the high cost of groceries might contribute to the increasing preference for dining out, gathering around a restaurant meal is also one of the most popular ways to socialize: It was even the No. 1 leisure activity during much of the pandemic.
"Dining is always going to be the central point...how can we connect diners to restaurants?"
Pablo Rivero, CEO of Resy and VP at American Express Dining, tells Entrepreneur that the reservation platform, which was acquired by Amex in 2019 and just celebrated its 10th anniversary, has remained steadfast in its mission of bringing together diners and restaurants over the years.
Image Credit: Courtesy of Resy. Pablo Rivero.
"People are finding different ways to connect with each other, and dining is always going to be the central point of that," Rivero says. "So how can we connect diners to restaurants? How can we help them discover that hidden gem in a neighborhood they haven't visited before so they can go and share that table with their friends, families or co-workers?"
Resy helps accomplish that with a suite of tools. Diners should leverage the platform's discover tab to find under-the-radar spots in their neighborhood, utilize the hit list feature to keep track of a new favorite restaurant and share it with friends, and consider early reservation times to land tables at some of the most popular establishments, Rivero says.
"Every single night, we have people at our restaurants that make their next reservation before they leave."
Resy is also committed to supporting restaurants. Sean Feeney, co-owner of Lilia, Misi and Misipasta with chef Missy Robbins, says great restaurant technology makes a business healthier, operations more efficient and guests happier. He notes that with Resy, restaurants have access to helpful data they can use to learn more about their customers.
Image Credit: Courtesy of Misipasta. Missy Robbins, left; Sean Feeney, right.
That's how Feeney and Robbins made an important discovery about their diners. "Every single night, we have people at our restaurants that make their next reservation before they leave," Feeney says. "It is an amazing thing. We're grateful for that."
Related: Every Business Should Follow These 3 Principles from the Restaurant Industry
The secret, of course, is to craft an experience that keeps people coming back for more. Nowadays, customers increasingly appreciate what goes into cultivating that, according to Feeney. Diners want to hear the details behind the dishes and ambiance; sometimes, they'll even ask about the music playing.
Some are asking because they want to recreate the experience at home — an activity that also gained traction during the pandemic.
"They were documenting the entire journey...they got home; they were doing the unboxing."
The desire to replicate the restaurant experience at home helped convince Feeney and Robbins that their most recent concept Misipasta, an aperitivo bar and boutique, would be a success. "We brainstormed a lot [about] what it could look like, but also how we wanted it to feel and what the purpose of it was," Robbins says. "And the purpose of it was to get as many people cooking with our ingredients and to have the tools to cook like a chef."
What's more, just as today's restaurant diners might snap a picture of their plate to be posted on social media, those eating at home also enjoy sharing their experience with friends and followers. At the beginning of 2020, Misipasta's "pasta drops" underscored diners' eagerness to put together restaurant-grade experiences themselves — and record them.
Related: 7 Marketing Metrics Every Restaurant Owner Should Know
On Fridays and Saturdays, Misipasta announced the pasta shape and sauce flavor available that week. During the first offering, 250 people showed up for 75 bags, lining up for them in 16-degree temperatures, Feeney says. Then, people showed exactly what they did with the products at home.
"They were documenting the entire journey," Feeney explains. "They were excited when they secured the bag. They got home; they were doing the unboxing, and Missy's beautiful designs were being shown on Instagram." In the background, some customers even played the same Bob Marley album that had been on when they picked up the bag.
Feeney and Robbins, who were both raised with a deep appreciation for food, remain driven by the idea of getting people excited about their next dining experience — whether it's curated in-restaurant or at home.
