INFOGRAPHIC: The Purchasing Power & Marketing Opportunity of Gen Z
While everyone likes to fawn and crucify Millennials for everything they’re buying and not buying, it’s getting around the time that restaurant operators start to keep an eye on the next wave of guests with growing income — Gen Z. Gen Z refers to the generation born between 1996-2010 and will be the biggest consumer generation by 2026. This means their purchasing power is going to explode over the next few years and presents a tremendous digital marketing opportunity for restaurants.
DID YOU KNOWS…
Americans Paid Almost 100% of Trump’s Tariffs
According to the National Bureau of Economic Research, American buyers have paid “approximately 100%” of the tariffs levied by Trump on China and other nations. The paper, which uses customs data through October 2019, reflect other independent findings. A 10% tariff is associated with a 10% drop in imports in the first three months, and the relationship becomes more intense as time goes on, so the full effects of the increased tariffs from the fall have yet to be fully seen, according to economists.
Cancer Mortality Rates are Falling
Cancer mortality rates in the United States have seen their largest drop in recorded history, according to a new report from the American Cancer Society, with the death rate dropping by 2.2% between 2016 and 2017. The finding is provided within the cancer group’s annual Facts and Figures 2020 statistical report, which highlights an average 1.5% mortality rate decrease in the last 10 years.
NBA & Twitter Take Their Relationship to the Next Level
The NBA and Twitter have announced an expanded streaming partnership for TNT games, featuring Channing Frye as the lead analyst. This is a multi-year extension for live content and highlights that began last season with isolation cams on individual players. The @NBAonTNT twitter account will offer a live stream for the second halves of the season, the All-Star Game, and 16 playoff games, including the Western Conference Finals.
DO AS I SAY, NOT AS I DO
Why it matters to you: A preachy politician gets their comeuppance for a DUI.
While we should never laugh at someone else’s misfortune, the New York State Assemblyman that published a broadside on drinking and driving, should have been more thoughtful when he ran his truck into a ditch near his house after an evening of drinking with friends on Christmas Eve. Brian Kolb wrote, "Drunk driving is not only dangerous to the driver, but to vehicle passengers, bystanders and other drivers. Please consider the ramifications of impaired driving, especially as we prepare to close out 2019 and welcome in a new decade."
We are always so exposed to the bad decisions our guests make and it makes the reminder all the sweeter. Even people in authority make these choices that have real ramifications. We often discuss responsible alcohol service, because we never want any of you to experience a tragedy out of your restaurants. With the holidays behind us, we have time to refresh our teams on the finer points of determining if someone is intoxicated and how to take appropriate action when you determine they are. You can simply never be too prepared, and the assemblyman from New York knows that better now himself.
[Source: Vice]
OUT WITH THE OLD
Why it matters to you: Leadership changes can be an awful disruption to your operation.
Change in leadership always ends up disrupting any operation from the local Irish pub to a major corporation. Such is the case with the ousting of, Red Robin COO Guy Constant. But what can we learn from this announcement and why is relevant to you? Constant had been with Red Robin for three years, but was let go after a new CEO took the helm this past September. Leadership change is inevitable in our industry, but it bears your attention to anticipate the disruption when it happens. Whether you are the person entering as the new leader or you supervise the operation that is experiencing it, the results will be apparent.
To mitigate this type of upheaval it takes a lot of empathy. You have to remember that the prior person has relationships with the team they led. There may be animosity that you are taking over for a trusted friend. Understanding and navigating the feelings of your new team or the team you oversee will ease their concerns, which will understandably be significant when they lose their boss. If you have to make a move quickly, then the new leadership must take care. Whether you start with all staff meeting or go one by one and introduce yourself, demonstrate to the staff that you are there to support them during transition. The more you try, the more your team will respond and maybe you can avoid further upheaval.
[Source: Restaurant Business Online]
