Nearly three-quarters of consumers (72%) believe restaurant prices are higher, or much higher, than a year ago and 40% don’t consider restaurants a good value.
Those are top findings from a Revenue Management Solutions Q3 survey on consumer views regarding restaurants, cooking at home and grocery prices.
Half of consumers state they’re spending more at restaurants due to higher prices and 68% are comparing prices before making a choise and 67% know the price of the menu item they’re ordering, according to a press release on the findings.
The trends report also revealed a 3.7% dip in restaurant traffic and a 4.1% drop in quantity per transaction.
Yet nearly two in five consumers are ordering more or much more from QSRs, which reflects a 7% increased from Q2 this year.
The report also revealed weekly usage of restaurants is up by 9% for dine-in and 6% for delivery and a majority report at least one weekly restaurant visit across all revenue channels.
One in three polled plan to eat out more or much more in the future, which is a 10% to 15% jump depending on the revenue channel, according to the report, and everyday home cooking has increased from 59% to 72% since Q1.
The data, according to Revenue Management Solutions SVP of Consulting Richard Delvallée, indicates customers are showing early signs of check management but are not yet “trading out.”
“Abundant value deals, innovation within the value menu and personalized deals can keep traffic flowing and strengthen loyalty despite inflationary pressures on both restaurants and consumers,” stated the release.
