Value remains a vital component in the path to purchase, with 76 per cent of consumers saying it’s a very important factor when deciding where to dine. Technomic’s 2019 Value & Pricing Consumer Trend Report reveals that roughly one-quarter of consumers say their definition of value has changed over the past two years, with food quality and service, in particular, playing an increasing role.
“As definitions of value evolve, operators need to renew their focus on exceeding expectations across all aspects of the value equation—food quality, price, service and atmosphere,” explains Bret Yonke, manager of consumer insights at Technomic. “Moving forward, look for high-traffic, high-volume segments like fast food to further experiment with subscription models, such as $5 per month for a daily coffee, to drive value perceptions and visit frequency.”
- 47 per cent of consumers say they look for good value because it makes them feel better about eating out if they know they got a deal
- Roughly half of all consumers across all restaurant segments say they cut back on add-ons from time to time to keep the cost of meals down
- 65 per cent of consumers say they have noticed menu prices increasing over the past year
- Compiling findings from 1,700 consumer responses, as well as trends, the comprehensive 2019 Value & Pricing Consumer Trend Report helps foodservice operators and suppliers better understand consumers’ perceptions of value and pricing and identify opportunity areas.
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, was founded as a management consulting firm in 1966. Since then, Technomic’s services have grown to encompass cloud-based B2B research tools, consumer and menu trend tracking, as well as other leading strategic research and analytic capabilities, to prioritize and size business opportunities. Our clients include food manufacturers and distributors, restaurants, retailers and multiple other business verticals aligned with the food industry that are looking to make informed decisions to support their business growth. Visit Technomic at www.technomic.com.