Full-service restaurants increased by 2% in value terms in 2014 to reach ¥9,954.1billion. As the positive economic outlook continued from 2013 thanks to "Abenomics" (Prime Minister Shinzo Abe’s economic growth strategies), Japanese consumers’ spending patterns became increasingly polarised. Whilst this caused contradicting trends with both premium dining and low-priced options performing strongly, full-service restaurants in particular benefited from the premiumisation trend. The economic outlook and VAT increase further accelerated polarisation among Japanese consumers. Overall, as the average spend per household increased caused by the rise in the general cost of living, Japanese consumers are becoming increasingly savvy and more picky about what they spend their money on. Whilst they are more critical of value for money when making purchasing decisions, many are willing to spend more for high quality. To maximise the benefit of this trend, some full-service restaurant operators launched premium menus and successfully increased their sales even though the unit price was higher than the regular menu.
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Competitive Landscape
Skylark Group remained the leading player with a 2% value share within full-service restaurants. The company is one of the largest family restaurant operators with multiple brands, such as Gusto, Jonathan and Bamiyan.
Industry Prospects
Over the forecast period, full-service restaurants is expected to continue recording a slow increase at a CAGR of 1% in value terms at constant 2014 prices. The forecast increase will largely be attributable to the unit price increase caused by the premiumisation trend as well as the higher costs of ingredients. Whilst the Japanese population declines, it is likely that full-service restaurants will continue to focus on increasing spend per customer in order to maintain profits. As Japanese consumers are becoming increasingly savvy, full-service restaurants which are able to provide unique value and high quality will likely manage to remain competitive. Meanwhile, the costs of ingredients, such as meat and dairy products, are expected to remain high, which will naturally push up the menu pricing. As the prices of beef and other ingredients are increasing globally due to rising demand in developing economies, companies which rely on imported ingredients will face an increasing operational challenge in absorbing the costs and maintaining competitive pricing.
Report Overview
Discover the latest market trends and uncover sources of future market growth for the Full-Service Restaurants industry in Japan with research from Euromonitor's team of in-country analysts.
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Market Report, "Full-Service Restaurants in Japan", published
Company: Fast Market Research, Inc.
Contact Name: Bill Thompson
Contact Email: press@fastmr.com
Contact Phone: 1-413-485-7001
Contact Name: Bill Thompson
Contact Email: press@fastmr.com
Contact Phone: 1-413-485-7001