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Insight of the Day: Restaurant trend report finds consumers trading down, dining out less

Updated: May 3

Main Theme: Consumers Are Trading Down and Dining Out Less

  • Cost-Conscious Choices: Due to rising food costs, consumers are increasingly choosing cheaper options to save money:

  • Trading casual dining for fast food for favorites like burgers, pizza, and tacos.

  • Opting for frozen grocery store options when they crave pizza.

  • Cooking more at home instead of eating out.

  • Price Sensitivity: 67% of consumers find restaurant dining too expensive, which signals a growing concern compared to last year's report.

The Role of Deals and Digital Channels

  • Coupons are Key: Deals remain a vital way for restaurants to attract customers.

  • Over 50% of people are influenced to try a new restaurant by a coupon or discount.

  • 30% won't try a new restaurant without a deal.

  • Digital Influence Grows:  Restaurants must leverage digital channels effectively:

  • Social media (especially TikTok) drives interest in home cooking as an alternative.

  • Restaurant apps are widely used and play a role in attracting diners.

Implications for Restaurants

  • Emphasize Value: Focus on offering good deals and promotions to compete. Consider value meals or limited-time offers.

  • Target the Right Audience: Gen Z, millennials, and those with lower incomes are most affected by price increases. Tailor marketing to their needs and preferences.

  • Digital Presence Matters: Maintain a strong online presence on social media and restaurant apps. Promote deals and create engaging content.

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