Is Eating Out Worth The Cost?

Is the idea of dining out in 2024 on the ropes? A recent restaurant consumer report sheds some light on the situation, and what owners might do to alleviate things.

The Vericast 2024 Restaurant TrendWatch report revealed recently that 60% of surveyed customers would rather go to a fast food restaurant for burgers instead of a restaurant. Similarly, 55% of surveyed customers preferred buying frozen pizza over going to a pizzeria. The common thread in these analyses is that the customers are seeking cheaper prices. Indeed, due to rising costs of capital and operating expenses, menu prices have gone up as well, pushing customers to look for lower-price alternatives to the foods and cuisines they would normally enjoy at a brick-and-mortar restaurant.

One of the best ways to hook customers is to use deals, coupons, and other cost-saving incentives. 51% of the report respondents said that they were compelled by coupons and discounts to eat at a restaurant, while 49% said their choice of restaurant came down to which one offered the best deal or value. Thus, owners should be on the lookout for ways to provide financially attractive offers to customers.

The report also stresses the importance of using social media. 25% of customers surveyed for the report stated that they were led to choose particular restaurants because of dining apps, while 39% of customers noted that social media gave them ideas for home-cooked meals. In short, social media platforms represent an opportunity to potentially alleviate some of the skepticism toward dining out. Utilizing creative presentation and digital tools, restaurant owners can create engaging and personalized content that shows customers products and services that are very much worth the price.

Although the state of the economy is a significant obstacle for restaurant owners, it is far from impossible to get people into the dining room. With smarter pricing strategies and a focus on digital marketing, restaurants can show that their menus and service are worth a customer's time—and most importantly, their money.

Published by:
Christian Dantes

REWrite Blog