How Restaurants Can Thrive in the Experience Economy

One of life’s greatest pleasures is enjoying a delicious meal out with friends and family—an outing prized for the camaraderie as much as the food itself. Increasingly, consumers are focusing on experiences rather than material goods, and restaurants are in the sweet spot to take advantage of this “experiential economy.” The American Customer Satisfaction Index (ACSI®) Restaurant and Food Delivery Study 2024 finds that while customer satisfaction is up, consumers are becoming more discerning with their discretionary spending.

A 2024 Datassential report finds that most consumers treat themselves to a meal out at least once a month, and nearly 60% attend a premium or unique dining experience at least once a year. Further, it finds that “Gen Z and Millennial consumers in particular are especially eager to try out interesting events and concepts, from tasting menus and dinner theater to themed restaurants and molecular gastronomy.”

This enthusiasm has sparked a robust market, with events emerging as a key ingredient to boost traffic, build brand loyalty and drive revenue. It’s a winning way to keep customers coming back; more than half of diners say they are interested in new and different experiences, according to Square’s 2024 Dining Report.

Wondering how your eatery can take advantage of this trend? Here’s what you need to know:

Explore Flavors with a Tasting or Cooking Demonstration

Tasting events and cooking classes/demonstrations are two of the top three choices diners cite as coveted experiences. To decide where to focus, consider what your restaurant brand is known for and make those signature offerings the star of the event. For example, if you have an extensive drink menu, try a wine or coffee journey. Or plan a crowd pleaser with a dessert tasting where guests can try bite-sized treats to sample a variety of flavors and textures, from classics to innovative trends.

Mars Foodservices helps elevate these options, notes chef Michael Buononato, senior vice president of creative food solutions. “Harnessing the brand power of Mars Wrigley can help operators increase menu appeal with products consumers know and love,” he explains.

For example, you could set up interactive stations where guests can get creative assembling their own desserts or beverages with a variety of toppings, such as M&M’S®, SNICKERS® and TWIX®, familiar Mars Wrigley Candy favorites.

Or take advantage of consumer interest in cooking and baking—nearly 80% of medium- and high-income Americans indulge in this hobby—to move your guests from spectators to participants. If your restaurant kitchen isn’t equipped to handle a full-scale cooking class, prepare components in advance so participants can focus on the fun, creative aspects of cooking.

For example, walk them through a tricky baking process in real time, then bring out a batch of baked cupcakes or cookies to decorate using techniques you’ve demonstrated.

Invite Your Guests to Dine in a New Dimension

The future of dining is immersive. Using technologies like augmented reality (AR) and virtual reality (VR) can put your restaurant on the cutting edge. The Square 2024 Dining Report found that 87% of diners who had experienced AR or VR activities in a restaurant setting would do it again. There’s a huge opportunity to set your restaurant apart by taking the lead on this exciting trend, as only 15% of those diners surveyed said they had experienced these elements.

Wondering how to start? How about by using AR to detail the premium ingredients used in your dishes? The Square report found that 38% would like to experience AR while viewing the menu. The halo effect of highlighting beloved brands can enhance your entire aesthetic. It also can increase your profit: A 2024 Technomic 2024 report found 57% of consumers are willing to pay a little more for brand-name items.

With VR, you can offer immersive dining experiences that transport your guests to the regions represented in your wine flight or invite them into a virtual kitchen tour during a cooking demo.

Embracing innovations like AR and VR might require some experimentation and learning, but the payoff of exploring these revolutionary technologies is unforgettable experiences for diners.

Set the Table for an Event that Delivers

Experiences provide a pathway to build affinity for your restaurant and can be lucrative opportunities beyond your regular table service.

Your first step should be zeroing in on an engaging format. No matter the size of your restaurant or budget, you’ll find an experience that’s ideal for your clientele and manageable for you. It can be something as simple as hiring a local musician to play an acoustic set or preparing an elaborate farm-to-table feast. You can experiment with a one-time tasting menu that introduces new diners to your offerings or dive in with a recurring trivia contest or game night that attracts a loyal group of regulars.

After you’ve brainstormed possible events, focus on the details. The success of your event hinges on meticulous planning and attention to fine points—along with a little flair, of course.

Key areas to consider:

Timelines: The earlier you start planning, the better. Timelines should incorporate planning for marketing activities and ingredient ordering, in addition to event flow to ensure it runs like clockwork.
Staffing: Make sure you have adequate personnel on hand to provide a seamless gathering, from guest arrival to departure.
Supplies: As the star of the show, your ingredients’ quality and freshness are paramount. Ensure you have ample quantities, and consider measuring or prepping ingredients to streamline the cooking process. When using a branded item, like Mars Wrigley candy inclusions, highlight it prominently to elevate the quality message.
Marketing: Develop a promotional strategy that spotlights your event’s unique offerings and helps generate buzz to attract attendees. For an added promo boost, don’t forget to include the high-profile brands you’ll be featuring. Use social media, email marketing, influencer partnerships and other targeted advertising to drive reservations.

A memorable event has the power to both educate and entertain. Curious about how you can use recipe ideas and candy inclusions to spotlight your experiences and daily menu? You have an ally in Mars Foodservices. “Our continued commitment to recipe development inspires customers as we help them consider how chopped candy can be a topping or hero ingredient in a signature dessert,” Buononato says.

Visit MARS Foodservices today to find out more.