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78% of Americans Agree Higher Menu Prices Have Made Dining Out More Challenging This Year, Givex Survey Reveals — MediaContacts.co — Continued #inflation drives consumers to #seek out more #promotions #discounts and #loyalty programs to manage costs associated with #dining out. CHICAGO, May #9 #2024 Givex, the cloud-based #global #customer #engagement and #business insights #platform has released findings from its #latest #survey examining the #impact of inflation on #American dining preferences and #habits The Givex 2024 #Restaurant and Dining #Trends Survey #draws from responses of over #1000 #Americans offering a #detailed look into evolving consumer behaviors as the economic #landscape shifts. "The ongoing economic challenges have understandably altered the way people approach dining out," said Givex's Chief Commercial Officer, Mo Chaar. "Our survey indicates that while price sensitivity has increased, so has the appreciation for value-added services like loyalty programs and promotional offers, which can help restaurants maintain customer engagement during these challenging times." According to the survey, 86% of Americans cite promotions as a major incentive to dine out, closely followed by coupons and discounts at 81%. Additionally, 65% of respondents find value in loyalty programs, and nearly half

The latest insights on necessity-driven consumer spending and tight vacancy in retail subsectors. Discover how core retail sales dipped while dining out and grocery purchases surged, reflecting shifting consumer priorities. With lower-cost dining chains expanding and discount grocers gaining traction, the retail landscape is evolving. Don't miss out on valuable investment opportunities amid potential interest rate cuts and favorable market trends. Download now: https://bit.ly/48Arumg #retailmarket #cre #commercialrealestate

The latest insights on necessity-driven consumer spending and tight vacancy in retail subsectors. Discover how core retail sales dipped while dining out and grocery purchases surged, reflecting shifting consumer priorities. With lower-cost dining chains expanding and discount grocers gaining traction, the retail landscape is evolving.   Don't miss out on valuable investment opportunities amid potential interest rate cuts and favorable market trends. Download now: https://bit.ly/48Arumg    #retailmarket #cre #commercialrealestate

Most customers will go out of their way to avoid peak pricing. For example, a recent survey finds that 81 per cent of diners are willing to alter their dining habits to evade peak-hour price surges, while 64 per cent express outright dissatisfaction with surge and dynamic pricing mechanisms. Within the dissatisfaction expressed, there are some important nuances. Almost half of the diners, 48 per cent, understand and sympathise with small chains and local restaurants raising prices. An even larger group, 56 per cent, prefer dining at places with lower fees. However, 63 per cent are willing to pay small additional fees to help cover operational costs. Though, it’s worth noting that only 21 per cent are okay with very minimal charges. The survey results may signal potential areas for margin loss but also new pricing opportunities too. Namely, preemptive customer engagement and understanding preferences before implementing pricing changes are key factors to successful implementation and optimisation. Enriching the dining experience is also another important factor. Its not enough to change to dynamic pricing. You have to have an offer that is perceived as valuable by the customer. Well-thought-through loyalty programs can also offer a pathway to rebuilding trust and retaining clientele.

Most customers will go out of their way to avoid peak pricing. For example, a recent survey finds that 81 per cent of diners are willing to alter their dining habits to evade peak-hour price surges, while 64 per cent express outright dissatisfaction with surge and dynamic pricing mechanisms. Within the dissatisfaction expressed, there are some important nuances. Almost half of the diners, 48 per cent, understand and sympathise with small chains and local restaurants raising prices. An even larger group, 56 per cent, prefer dining at places with lower fees. However, 63 per cent are willing to pay small additional fees to help cover operational costs. Though, it’s worth noting that only 21 per cent are okay with very minimal charges. The survey results may signal potential areas for margin loss but also new pricing opportunities too. Namely, preemptive customer engagement and understanding preferences before implementing pricing changes are key factors to successful implementation and optimisation. Enriching the dining experience is also another important factor. Its not enough to change to dynamic pricing. You have to have an offer that is perceived as valuable by the customer. Well-thought-through loyalty programs can also offer a pathway to rebuilding trust and retaining clientele. Source: https://lnkd.in/ey4pSmJk

🚨Insights fresh out of the box! 🚨 We're diving into the biggest updates in the restaurant industry-- Here are a few snippets: 📉Sales and Traffic Slowdowns: ➡️Same-store sales growth was -0.1% in June, which represented a 0.4 percentage point deceleration in sales growth for restaurants. ➡️Same-store traffic growth was -2.8% in June, which, although represented a small 0.3 percentage point improvement compared with May, remains very weak compared to historical performance. 💡Value is Key: ➡️As inflation remains a top concern, consumers are more focused on getting the best bang for their buck. ➡️Restaurants that deliver on value are seeing stronger traffic and sales growth. 📊Segment Performance: ➡️The top-performing industry segment from a same-store sales growth perspective in June was quick service, followed by fine dining and fast casual. ➡️Only two segments posted negative year-over-year sales growth in June: family dining and casual dining. ➡️All industry segments experienced negative same-store traffic growth in June. #RestaurantIndustry #EconomicOutlook #ValueMatters #RestaurantTrends #InflationImpact

Ever since I started to focus solely on the retail and restaurant space I've always thought there was very little separation between QSR and Fast-Casual. They both, generally, offer in-store and drive-thru ordering, in-store dining, and 3rd party delivery. The biggest difference I'd think is that fast-casual offers made to order whereas QSR doesn't. It'd seem our data and consumer behaviors tend to agree with this... Another story line here...understanding there is more competition for the consumer's wallet must be a priority across the business. Placer fills the gaps other datasets (POS, CC, surveys) don't. A QSR and Fast-Casual Face-Off Discover the similarities - and differences - between consumer behavior at quick-service and fast-casual restaurants.

Here are some insights on the newest trends in consumer spending driven by necessity and the limited space available in retail sectors. Find out how basic retail sales took a hit while people are spending more on dining out and groceries, showing changes in what consumers prioritize. As budget-friendly dining spots grow and discount grocery stores become more popular, the retail scene is definitely changing. Don't miss out on valuable investment opportunities amid potential interest rate cuts and favorable market trends. Download now: https://bit.ly/48Arumg    #retailmarket #cre #commercialrealestate

TL;DR… Value = Perceived Benefits / Perceived Costs When perceived costs go up and perceived benefits go down… People go somewhere else. They go where… Perceived costs are low & perceived benefits are high.  It’s about *relative* value. That extends beyond category lines. This isn’t all that complicated. CNN nailed the simplicity of it: “People are essentially saying “look, if I’m already going to be overpaying for food, I may as well sit down and get some service out of it.”” “This isn’t entirely new. For years, the pricing gap between restaurant chains — from your traditionally cheaper “quick service restaurants” (like McDonald’s) to “fast casual” (Chipotle, Sweetgreen) and “casual dining” (Applebee’s) — has been narrowing.” “The once reliably cheap McDonald’s pushed its prices up, while sit-down restaurants leaned into value and convenience.” “Zooming out from the food space, all of this tracks with the post-pandemic tendency for shoppers to treat themselves to little luxuries and Instagram-worthy experiences. Are we getting takeout every night for dinner? No. Are we maybe making coffee at home or opting for a cheaper version from the corner bodega? Absolutely. But are we also spending a few thousand bucks to see Taylor Swift in Paris? Heck yes.” #food #marketing #strategy #restaurants Source: CNN Business + Allison Morrow

Yet another new trend emerging in retail and restaurants – age-restricted dining establishments. I continue to be amazed at how resilient the retail industry has become post-COVID. One reason for success is all the market segmentation taking place to create consumer interest. These venues are catering to adults older than 30 seeking a quieter dining experience away from the hustle and bustle of younger crowds. Learn more about this unique trend that is spreading here: [Read more](https://lnkd.in/e2c3NqeG) 🍽️👵👴 #RetailTrends #RestaurantIndustry #AgeRestrictedDining