US Restaurant Value and Pricing Market Report 2023
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“While many consumers will choose to cut back on their away-from-home dining experiences to save money, operators can maintain visitation by delivering on value though appealing prices, but not at the expense of taste and quality. Finding the right balance between cost savings and promotional deals without compromising the experience of dining out will help operators stay top-of-mind through challenging times.
– Pooja Lal, US Foodservice and Mintel Menu Insights
This Report looks at the following areas:
- The importance of value and how consumers define it
- Consumer behavior and attitudes toward value
- Perception/interest of value based on foodservice segment
- Type of value consumers are seeking
Collapse All
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Overview
- What you need to know
- This Report looks at the following areas:
- Definition
- Market context
- What you need to know
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Executive Summary
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- Top Takeaways
- Consumer trends
- Variety in price-points will help extend reach
- Figure 1: Value behaviors, by financial situation, 2023
- Build long-term loyalty with younger consumers through value tactics
- Figure 2: Value option interest, by restaurant segment, by generation
- Meet parents’ AFH dining needs
- Figure 3: Value option interest, by restaurant segment, by parental status
- Competitive strategies and marketing opportunities
- Craveability and affordability take charge on US menus
- Figure 4: Sonic Drive-In sponsored Instagram ad
- FSRs tackle value deals with enticing price points
- Figure 5: Denny’s Value Menu
- Market predictions
- Figure 6: Category outlook, 2023-28
- Opportunities
- Operators need to highlight quality and taste to gain buy-in
- Figure 7: Value attitudes, 2021-23
- Consumers want more promotional incentives from FSRs in 2023
- Figure 8: Value option interest, by restaurant segment, by FSR segment
- Use kid’s meal deals as a way to capture the whole family
- Figure 9: Value behaviors, by parental status
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Market Drivers
- Restaurant operators can expect inflation to ease
- Figure 10: Restaurant versus grocery prices
- Technology can help deliver on foodservice value
- Restaurant operators can expect inflation to ease
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Competitive Strategies and Market Opportunities
- Snackable, value formats can help encourage between-meal occasions
- Figure 11: Snackable value menu deals
- Get creative with catering channels #hackthemenu
- Figure 12: TikTok Chipotle catering hack
- Value deals move beyond LSR
- Figure 13: Foodservice value meal deals
- Highlight value in the form of appreciation
- Figure 14: The Break Room by Chick-fil-A
- Value through variety and quantity
- Customizable loyalty rewards can boost visitation
- Customization offers customers autonomy and convenience
- Figure 15: Sajj Mediterranean Instagram
- Snackable, value formats can help encourage between-meal occasions
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The Consumer – Fast Facts
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Restaurants Ordered From
- Fast food continues to meet consumer demands in 2023
- Figure 16: Restaurants ordered from
- Fast food continues to meet consumer demands in 2023
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Value Importance
- Value is an important dining-out factor
- Figure 17: Value importance
- Value is an important dining-out factor
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Value Definition
- Great taste sets the bar high when it comes down to value
- Figure 18: Value definition
- Gen Z favors quality time over quality ingredients
- Figure 19: Value definition, by generation
- Price and quality go hand in hand
- Figure 20: Value definition, by household income
- Great taste sets the bar high when it comes down to value
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Value Perception by Foodservice Segment
- Fine dining service takes charge on value
- Figure 21: Value perception, by foodservice segment
- Fine dining service takes charge on value
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Value Behaviors
- Ease inflationary pressure with cost-saving incentives
- Figure 22: Value behaviors
- Millennials prove to be savvy diners
- Figure 23: Value behaviors, by generation
- Draw in parents with kid-friendly offers
- Figure 24: Value behaviors, by parental status
- Ease inflationary pressure with cost-saving incentives
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Value Option Interest
- Fast food dollar menus are high in demand
- Figure 25: Value option interest, by foodservice segment
- Bottomless menus and late-night deals pique interests of younger consumers
- Figure 26: Value option interest, by generation
- Family meal deals will win over the hearts of parents
- Figure 27: Value option interest, by restaurant segment, by parental status
- Fast food dollar menus are high in demand
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Value Attitudes
- Create experiences to offset the pressures of menu inflation
- Figure 28: Value attitudes
- Parents are finding restaurant deals via social media
- Figure 29: Value attitudes, by parental status
- Women are more likely to be price conscious diners
- Figure 30: Value attitudes, by gender
- Create experiences to offset the pressures of menu inflation
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Appendix – Data Sources and Abbreviations
- Consumer survey data
- Abbreviations and terms
- Abbreviations
- Consumer survey data
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