High Prices Affect Dining Out

Seventy-eight percent of Americans reported that higher menu prices have made dining out more challenging this year, according to a survey from business insights firm Givex. The 2024 Restaurant and Dining Trends Survey draws from responses from over 1,000 Americans, offering a look into evolving consumer behaviors as the economic landscape shifts.

"The ongoing economic challenges have understandably altered the way people approach dining out," said Givex's chief commercial officer, Mo Chaar, in a statement. "Our survey indicates that while price sensitivity has increased, so has the appreciation for value-added services like loyalty programs and promotional offers, which can help restaurants maintain customer engagement during these challenging times."

According to the survey, 86 percent of Americans cite promotions as a major incentive to dine out, followed by coupons and discounts (81 percent). Additionally, 65 percent of respondents find value in loyalty programs, and nearly half are attracted to Happy Hour deals. This shows a trend of consumers seeking ways to maximize value in response to rising menu prices and the ongoing impacts of inflation, according to the report.

Other key insights include:

• Roughly 41 percent of respondents are dining out less frequently, while 45 percent have reduced their food delivery orders compared to last year. Meanwhile, 60 percent of respondents report cooking more at home.

• Nearly half of all Americans prioritize grocery loyalty programs, with 49 percent rating them as the most important.

• There's a growing acceptance of artificial intelligence in the restaurant industry, with 52 percent of Americans comfortable with its implementation.

"As we navigate a period marked by economic adjustment, understanding consumer priorities is essential for businesses aiming to enhance customer experiences and drive sales," said Chaar in a statement.