Work conditions are now in the employee’s court with skills in high demand and unemployment at record lows. This is reflected in WFH at home evolving into a 2 day a week norm. Clearly commuting time can be better invested, but with toll road patterns reflecting that preferred WFH days are Friday & Monday, employers are left with that long weekend feeling.
This will shift around the $262.81 a week that the average Australian household spends on food with more food required at home and gains for the retail channel. Retail shopping trip patterns have also been impacted with less afterwork rush on WFH days, which in turn has slowed impulse sales.
However, with more demand for morning coffee, lunches & dinners now in the residential suburbs, savvy food service and retail enterprises that act on this opportunity have captured growth. The demand for a night off from cooking hasn’t gone, it has just moved around a bit. These changes also confirm the tough times for CBD food service as they deal with lower office occupancy, staff shortages and now input cost increases.
WFH set to be locked into lifestyles and impact household food buying. More share to retail food but also opportunities for savvy retail and food service operators in the suburbs.
