Recent data indicates the pinch on people’s wallets is getting tighter and more consumers are striking eating out from their budgets. According to a recent Civic Science poll, 60% of respondents said they were saving money by cutting back on restaurant spending.
Placer AI data confirms this trend. Restaurant foot traffic has been consistently below prior-year levels for most of this year so far. What are people doing instead? Find out more in the latest edition of ‘The Dairy Bar: Powered by Ever.Ag’: https://lnkd.in/e7rqVUge
IDFA presents restaurants in a minute. Recent data indicates the Pentium people's wallets is getting tighter and more consumers are striking eating out from their budgets. According to a recent Civic Science poll, 60% of respondents said they were saving money by cutting back on restaurants spending. Placer AI data confirms this trend. Restaurant foot traffic has been consistently below prior year levels for most of this year so far. What are people doing instead? They're cooking at home. In recent weeks, the traffic data for grocery stores shows more people shopping, and people are going to restaurants as people shift to cooking for themselves. But it's not just the higher end establishments that are experiencing A pullback. Quick service restaurant traffic has also been lower, indicating even traditionally cheaper options. We're out of some consumers reach. According to our Revenue Management Solutions survey, people across all income levels say they're eating less fast food than they were before the pandemic. Some of the major chains are noticing the shift that McDonald's, one of the most dominant chains worldwide with the reputation for affordability, has seen customer erosion. Its same store sales have been on a mostly downward trajectory since early 2023. It's a similar story for pizza, the big three chains, Domino's. Papa John's and Pizza Hut all headed disappointing. Q 4/20/24. That's all for restaurants in a minute. Until next time.
