Study conducted by Technomic reveals the latest data on consumer perceptions, attitudes and behaviors with regards to value and pricing in the foodservice industry
CHICAGO, July 27, 2017—Price remains a prominent factor in the value equation. Despite an improving economy, disposable personal income growth has slowed compared to 2015 and consumers continue to search for savings. Specials and promotions that are increasingly likely to drive traffic include discounted meals, coupons, combo meals and all-you-can-eat specials. While price is a driving force in the value equation, there are other important aspects that factor in.
“Operators will increasingly focus on value that is driven by quality, service and convenience to meet rising consumer demand”, explains Kelly Weikel, director of consumer insights at Technomic. “Highlighting sustainable ingredients can help with quality perceptions, while greeting guests with a smile and thanking them for their visit goes a long way on the service front. As expectations for convenience increase and new technology emerges, offering the right mix of tech-based amenities will be key to enhancing the value proposition.”
Key takeaways from the report include:
- Fifty-seven percent of consumers say that the use of sustainable foods creates good value at restaurants
- Forty-eight percent of consumers ages 18-34 say they are seeking out higher-quality menu items than they were two years ago
- Thirty-one percent of consumers say they use deal apps and websites – among these consumers, 43% do so on a weekly basis
Compiling findings from more than 1,500 consumers, as well as Technomic’s MenuMonitor and Digital Resource Library, the comprehensive 2017 Value & Pricing Consumer Trend Report serves as a guide for foodservice operators and suppliers to understand how consumers define value and which attributes most influence the value equation.
Technomic publishes a complete library of Consumer Trend Reports. To learn more, please visit technomic.com or contact one of the individuals listed below.
Technomic Inc., a Winsight company, delivers a 360-degree view of the food industry. It impacts growth and profitability for clients by providing consumer-grounded vision and channel-relevant strategic insights. Its services range from major research studies and management consulting solutions to online databases and simple fact-finding assignments. Its clients include food manufacturers and distributors, restaurants and retailers, other foodservice organizations, and various institutions aligned with the food industry. Visit Technomic at technomic.com.
About Winsight, LLC
Winsight LLC is a recognized leader in business-to-business media and information services for the convenience-retailing, foodservice and grocery industries. Winsight has an extensive media portfolio, including five publications: CSP, Restaurant Business, FoodService Director, Convenience Store Products, and Winsight Grocery Business. Winsight also offers a suite of digital products, including websites, e-newsletters, webinars, video products, mobile and tablet apps, and custom marketing solutions. In addition to more than 12 major EduNetworking conferences and advisory meetings, Winsight also produces seven exclusive, large-scale executive-level conferences: Restaurant Leadership Conference, Global Restaurant Leadership Conference, Outlook Leadership Conference, Convenience Retailing University, FSTEC, MenuDirections and Restaurant Directions. In 2015, Winsight acquired Technomic Inc., a provider of primary and secondary market information and advisory services for the food industry. For more information on Winsight and its brands, go to www.winsightmedia.com.