This week John Hart from Restaurant & Catering australia, attended the TTF Outlook 08 Conference. The Conference examined the likely future for the tourism and hospitality industry.
For the restaurant and catering industry the picture is bleak. Statistician Bernard Salt from KPMG showed a deomographic analysis of the US, the UK and local spend. This suggests that the 7 year peak in spending (from baby boomers at their peak) ends this year. As a result he projects a significant drop in revenue in tourism, hospitality and leisure over the coming years.
The sharp slow down is expected from international visitors and domestic consumers. Local baby boomers are moving into a life phase where they still have money (previously spent in restaurants) but will have more time (as they move into semi-retirement). The forecast is that they will travel off-shore because they can.
