Recent research from Technomic shows that Internet deal sites have become a common go-to for consumers, who are looking to stretch every dollar. But when it comes to a restaurant's value equation, those same consumers are searching for more than just a low price.
"Our data confirms many general perceptions about value, including the importance of low prices, but that's certainly not where the story ends," said Darren Tristano, EVP of Technomic Inc. "Operators across foodservice segments need to highlight specific menu and concept attributes — whether it's food quality, taste, family recipes, healthfulness, convenience or fast preparation — in order to heighten the perception of good value."
Technomic's Value & Pricing Consumer Trend Report includes findings such as:
- Nearly equal proportions of consumers place a high importance on staggered portion sizes at different prices (45 percent) and large portion sizes (44 percent) in creating strong value at restaurants.
- Deal-seeking behavior has become ingrained: 54 percent of consumers strongly agree that they are seeking restaurant deals and promotions more often now than they were in 2011.
- Customization opportunities help enhance the idea of value: half of consumers polled (51 percent) indicate that the ability to customize ingredients for their meal is "important" or "extremely important" in creating good value.
- "Fresh" and "premium" descriptors can increase consumer price thresholds: nearly half of consumers (48 percent) say they would be likely to purchase and pay more for food and beverages that are fresh, and 37 percent say the same for premium food and drink.
Read more about trends and statistics.