Assignment Help on Australian Food Industry

Introduction

There are over 2 million Australians are employed in food-related industry, the foodservice industry is currently worth $57 Billion, the Australians’ propensity to eat out is the highest globally and it has become a way of life (Fiforesight.com, 2019). ARC Dining presents a luxurious, modern concept influenced by art and culture at the banks of the Brisbane River, with a stunning view of Brisbane City. With a focus on high-end yet accessible dishes, the restaurant strives to produce fresh, light food, while consciously supporting raised and ethical animal products. The local restaurant has been rated highly amongst the popularity amongst the locals. Brisbane has seen a decline of 0.1% in terms of volume, whereas the retail turnover of the hospitality industry has seen an increase of 0.3% in the state of New South Wales (Abs.gov.au, 2019). The foodservice markets in Australia are more than ever before appealing to entrepreneurs than ever in restaurants, pubs, clubs and fast-paced service outlets. To expand to the food capital of Australia Sydney is the prospect for ARC Dining, the trend for eating out is the highest, and the search trend of ‘restaurant’ is the highest in the state reflecting the demand for high-quality restaurants. The refined dining experience is a fit for the state as no other Australian community can say that, with its concentrated concentration of genius ethnic food, any other Australian city is equal to the neighborhood food districts of Haberfield, Cabramatta, Hurstville, Ashfield, and Chinatown. Global consumer food services are more popular than ever and the way guests eat and receive food is rapidly changing. Global total spending on food services is expected to rise by 13 percent over the next 5 years to increase the value of $359 billion. While dining periods accounted for almost 73% of the foodservice spending over the last year. While consumers still eat, they have changed their causes and motivations. As a result, customers are creating time bags to witness new dining experiences and enjoy them rather than just "eating out" in their traditional Italian (Jll.com.tw, 2019). We will research the literature to study the decision to expand to Sydney.

Literature Review

With the rise of the new economic growth "experience economy" over the years the nature and anatomy of a restaurant have greatly changed (Pine and Gilmore, 1998). Goods and services alone are thus no longer sufficient for consumers and food is no longer sufficient for dining alone. We seek unique, unforgettable, even experiences pertaining to hedonism as diners. Holbrook (2000) research confirms that people want experiences of intangible quality more than ever before, and it seems that today's consumption of hedonic and fantasy is valued more for consumers than the consumption of products and services. In addition, Wood (1994) stressed that dining is an important part of consumer experience which people regularly engage in. Dining should be a memorable opportunity with both utilitarian and aesthetic aspects, as an experience. The trend of restaurants has gone on and the restaurant industry has grown massively throughout the world. There is intense competition in the restaurant market.