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Insight of the Day: Consumers reduce restaurant visits, eat more meals at home

  • Trend of Eating at Home: 68% of consumers are eating more at home and less at restaurants due to rising restaurant food costs (5.1% increase annually compared to 1.2% for groceries).

  • Age Demographics: This trend is even more pronounced among those aged 18-42, with 71% eating more at home.

  • Trading Down: 60% of consumers are choosing fast food over casual dining and 55% are opting for frozen pizza or fast food tacos to save money.

  • Importance of Discounts: Coupons and discounts remain impactful, as 51% of consumers find them important. They influence restaurant choice for 49% and encourage larger orders for fast food customers.

  • Social Media Influence:  Consumers, especially younger generations, are finding recipe inspiration on platforms like TikTok to make copycat restaurant meals at home.

  • Restaurant Apps: Gen Z parents are more likely to dine out once a week and discover restaurants through dining apps. 52% of all respondents have at least two restaurant apps on their phones.

Implications:

  • Shift in Spending:  Consumers are prioritizing eating at home due to rising food costs, driving a change in spending behaviors.

  • Adapting to Change: Restaurants need to adapt their strategies to attract customers in this price-sensitive environment. Offering deals and discounts can be an effective way to drive traffic.

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