Value remains a vital component in the path to purchase, suggests a new report by research firm Technomic.
Three-quarters of consumers polled for the 2019 Value & Pricing Consumer Trend Report, say value is a very important factor when deciding where to dine. The report also indicates roughly one-quarter of consumers say their definition of value has changed over the past two years.
Food quality and service, in particular, play an increasing role in the value proposition.
“As definitions of value continue to evolve, operators will need to renew their focus on meeting, if not 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 both value perceptions and visit frequency.”
Key takeaways from the report:
- Nearly half of consumers say they look for good value because it makes them feel better about eating out if they know they got a good deal.
- About half of all consumers across all restaurant types say they cut back on add-ons from time to time to keep the cost of meals down.
- Many customers (65 per cent) say they have noticed menu prices increasing over the past year.
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