Foot traffic has increased when it comes to restaurants as consumers are prioritizing dining when it comes to discretionary spending.
That is a top finding from the Q1 Consumer Trends Report released by Gravy Analytics, which provides enterprise location intelligence.
The report analyzed food traffic data from Q1 2022 to Q1 2023 to assess how consumer behavior is changing across industries, according to a press release.
Q1 2023 saw consumers spend on dining out across restaurant types. While fast food restaurants (25%), ice cream shops (32%) and coffee shops (23%) continued to see the strongest foot traffic growth, restaurants like Italian (9%) and Mexican (13%) eateries and family-style restaurants (6%) saw healthy increases in foot traffic in Q1 2023 compared to Q1 2022.
Foot traffic to higher-end chain restaurants, including Outback Steakhouse and Ruth’s Chris, saw a dramatic dip in Q4 2022 before rising again in Q1 2023. Additionally, in Q1 2023, visits to non-chain restaurants in the category were 10% higher than the same period in 2022.
“Insights from the Q1 2023 report indicate that consumers are finding room in their budgets for shopping, though prioritizing more affordable retailers, and dining out with their families across a variety of restaurant types,” Jeff White, founder and CEO of Gravy Analytics, said in the release. “However, consumers are being more selective with their budget when it comes to spending on accommodations, possibly due to ongoing concerns over travel disruptions, rising gas prices and increased hotel rates.”
