Consumers to cut restaurant spending, visits
March 13, 2008
by FoodBusinessNews.net Staff
CHICAGO — More than half of consumers have noticed higher menu prices at full-service restaurants, and 59% expect to cut their full-service restaurant visits as prices continue to rise, according to a new survey from food service consultants Technomic.
"While consumers often state one belief then act in a reverse manner, we believe that well over half of full-service consumers are looking for ways to reduce restaurant spending — and many of them will succeed," said Tom Miner, principal at Technomic.
Despite this, Technomic said consumers have exaggerated how much prices have actually increased. Specifically, consumer perceptions of the average check by brand are 10% to 15% higher than the actual average check amounts. In addition, the majority of consumers expect menu prices to increase more than 10% during the next three to six months with 65% of consumers believing the highest menu price increases will be in large national chains and among high check average concepts.