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The bad news: It is estimated that, by year’s end, the restaurant industry could face a loss of $240 billion. A survey conducted by The National Restaurant Association found that 75 percent of operators believe that they will not be profitable within the next six months. The good news: RESTAURANTS Act—proposed legislation that would create $120 billion in grants for small local restaurants and bars.
Welcome to the Experience Economy The experience economy has arrived and Millenials are in the driver’s seat. According to a recent Harris Poll survey, over seventy-five percent of Millennials would rather purchase an experience than a fungible good. With Millenials making up two-thirds of the working population in the U.S., their thirst for experiences is a trend restaurants cannot afford to ignore. So, what exactly is an “experience” and how can you sell it?
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