Chicago – Nearly 80 per cent of consumers say “value” is very important in their decision of where to dine – but their definition of foodservice value depends on many factors, including service, overall ambiance and the quality of menu offerings, suggests research from Technomic.
While price will always play a major role, delivering on these multidimensional elements of value is crucial as consumer attitudes toward dining out shift and operational costs rise. To combat this, operators must increase emphasis on the overall dining experience, suggests Technomic’s Value & Pricing Consumer Trend Report.
“While food quality remains essential, the overall experience is becoming more important to today’s diners who are looking for fun, social and unique dining occasions,” said Kelly Weikel, director of consumer insights, in a news release. “Service and atmosphere make up about 40 per cent of Gen Zers’ and Millennials’ value equations at all types of limited- and full-service restaurants. They are looking for experiences they can share –both by connecting with others in the dining party and through social media.”
Compiling findings from more than 1,500 U.S. consumers, as well as Technomic’s MenuMonitor, Consumer Brand Metrics and Top 500 Restaurant Chain Report, the Value & Pricing Consumer Trend Report also indicates 47 per cent of millennials indicate they are seeking higher-quality fare more now than in 2013; 53 per cent of loyalty card holders are very likely to base their restaurant decision on a loyalty membership; and the most influential deals are “Buy One Get One Free” and “Half-Off Specials.”
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