This site uses cookies to improve your experience. To help us insure we adhere to various privacy regulations, please select your country/region of residence. If you do not select a country, we will assume you are from the United States. Select your Cookie Settings or view our Privacy Policy and Terms of Use.
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Used for the proper function of the website
Used for monitoring website traffic and interactions
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Strictly Necessary: Used for the proper function of the website
Performance/Analytics: Used for monitoring website traffic and interactions
Prices have surged to unprecedented levels, driven by a combination of disease outbreaks, increased production costs, and regulatory changes. Understanding the factors behind rising egg prices and implementing strategic solutions is critical for navigating this volatile landscape.
Minimizing MenuPrice Increases : Just because diners are still eating out and ordering in, does not mean they are happy about higher menuprices. Restaurant operators should limit significant menuprice increases, explore value menus when possible, and avoid implementing any sneaky service charges.
While it’s understandable to believe everything is back to normal – according to our QSR monthly trends, August 2023 traffic was down just half a percent compared to 2022 – the landscape has taken a seismic shift. For example, we noted above that in August 2023, YOY traffic was holding steady. percent lower than 2019.
In 2023, the restaurant industry faced several challenges and made some missteps along the way. As with most other industries, the biggest talking point for restaurants in 2023 has been artificial intelligence. We initiated our bottomless brunch menu on weekends, which actually helped us finish our weeks stronger than before.
Striking a balance between value and price. As inflation continues to pummel businesses and consumers, QSRs are searching for ways to make their menus work harder. Is it possible to strike a balance between value and price to satisfy both parties? Have We Hit a Price Ceiling? Putting Value Back on the Menu.
Dynamic pricing would add friction to the guest experience, according to Capterra’s 2023 Dynamic Pricing in Restaurants. Sixty-five percent of consumers say dynamic pricing would make the decision of where and when to eat more difficult; 63 percent say it would make it harder to budget their restaurant spending.
Only 14 percent of respondents described business performance as poor/very poor, which was down from 23 percent in 2023. Revenue growth in 2024 was largely driven by menuprice adjustments. Despite pricing adjustments, profitability remained challenging in 2024. Labor costs continue to rise.
Modern Restaurant Management (MRM) magazine asked experts for their thoughts on trends and challenges that will affect the restaurant industry in 2023. In 2023, we can anticipate businesses really focusing in on value and doing what they can to attract and retain both employees and guests. Don’t be afraid to increase price.
-based diners who recently ordered from a QSR, fast-food or fast-casual chai also found that value is about more than just price. 61 percent of kiosk users say they want to see more kiosks in restaurants – up from 57 percent in 2024 and 36 percent in 2023. For the third year in a row, consumers want more kiosks.
Modern Restaurant Management (MRM) magazine asked experts for their thoughts on trends and challenges that will affect the restaurant industry in 2023. Ghost kitchen and virtual brands are prime strategies for this growth strategy, both of which require a thoughtful approach to menu design, production and fulfillment.
To identify the Fastest Growing Brands, the data science team ranked brands using a blended metric including net new business openings, consumer interest, and searches on Yelp in 2024 compared to 2023. For this report, we measured consumer interest in 2024 compared to 2023.
Adjusting menuprices may have worked in the past, but it’s no longer enough to offset rising costs. The True Price of Water A restaurant selling 50 bottles of water per day can create a big environmental and financial impact by moving away from bottled water services and switching to an on-site bottling dispenser.
Fast food chain Wendy’s has announced plans to test “dynamic pricing” at its locations across the country, beginning in 2025. According to CNN, the move is a part of the chain’s $20 million investment in digital menu boards, which will allow it to tweak the price of a Biggie Bag or Frosty in real time. restaurants.”
According to September 2023 numbers from the National Restaurant Association , 49 percent of restaurants reported year-over-year increases in same-store sales. economy demonstrated resilience in 2023—with GDP, employment rates and consumer spending remaining relatively stable or even growing. Coffee in 2023.
Nor has eating plant-based meat even made a significant impact on beef production, according to a 2023 report. Instead, you’ll see signage about the health benefits of plant-based eating — the “primary drivers of consumer choice are personal benefit,” says Goldman — and the menu board, designed like any one in other fast-food chains.
In this column, Modern Restaurant Management (MRM) magazine looks at newly introduced menu items from top brands. Starting January 17th, the brand is also launching a new signature cocktail called Endless Sunshine that will feature happy hour pricing of $7 all day, every day. Price may vary per market). Nashville Kick.
Rising food costs are the number one issue of concern for chefs heading into 2023, according to the survey, with 44 percent of respondents ranking it as their top worry. What were common menu items where prices were raised? . Why do you feel restaurant owners are optimistic for 2023? .
It’s the perfect time to look back on a few things we learned in 2023 – based on recent survey data from our restaurant partners – as well as what we predict for the industry in 2024. The survey also showed 75 percent of respondents expected their labor costs to increase in 2023.
I’m thrilled to see our independent restaurant clients ahead of the trend, updating their menus with fall specials." Bryla said there are a few forces at play with the early arrival of pumpkin menu items, this year. "For in June 2023 to $9.68 in June 2023 to $6.00 A can of pumpkin puree rose 7.4
Restaurant guests in cost-saving mode are eating out less and more conscious of menuprices, according to Restaurants: Consumer Trends Fall 2022/Winter 2023 a report produced by Provoke Insights in collaboration with Modern Restaurant Management (MRM) magazine.
MVP Menu Performances More than 200 million people tuned in to the Super Bowl last year—many with a plate of wings in front of them. 11, 2024, comparing it to the average Sunday in 2024 and found that: Wings win MVP with an 87 percent increase in sales The average price of wings ordered increased 18 percent.
percent YOY) and throughout 2024 were primarily due to price increases, which have surged nearly 50 percent in some segments since the pre-pandemic era and were still up 3.0 ” To optimize your menu using value or bundled meals, remember the 3M’s: Measure, Market and Monitor. Positive net sales in May (+1.9
With both restaurants and guest feeling the effects of inflation, tipping has become a topic of confusion and intrusion for diners, according to Restaurants: Consumer Trends Fall 2023/Winter 2024 , a report produced by Provoke Insights in collaboration with Modern Restaurant Management (MRM) magazine.
In a State of the Restaurant industry report, the Natiional Restaurant Association sees a return to normal with predicted sales growth in 2023. million by the end of 2023. Competition is heating up : In 2023, 47 percent of operators expect competition to be more intense than last year. "The
In February 2023, our Revenue Management Solutions (RMS) data analytics team advised on the benefits of attracting and keeping frequent diners. According to our Q1 2023 survey , frequent users were not just visiting QSRs; they planned to keep visiting. Why does this matter to your bottom line?
More closures in 2023 could reduce the number of restaurants to about 630,000 locations. In August 2023, only eight percent of consumers we surveyed say they do not eat out, so dining out is “in” again. In Causeway Solutions’ September 2023 survey*, we asked more than 800 U.S. Adults 18+ for more than 3 years.
Even our Diner Trends Report found that a whopping 84 percent of restaurant goers always or often look up a restaurant menu ahead of time, and 79 percent always or often look at a restaurant’s website. Inventory : Generally, when food costs go up, operators will raise their menuprices by a small amount.
– Frances Allen, President and CEO, Checkers Brand loyalty took priority in 2023. – Matt Eisenacher, Chief Brand Officer at First Watch Digital transformation continued to dominate 2023. In 2023, we experienced unprecedented shifts in consumer behavior amidst broader macroeconomic conditions like inflation.
It’s no surprise that inflation is taking a toll on the restaurant industry and Americans are noticing the price increases. Selecting cheaper items on a menu remains the most popular way consumers reduce costs. .” The study was in-field in April 2023. As a result, people are dining out less frequently.
Restaurant365’s State of the Industry Customer Survey shows that 60 percent of surveyed customers plan to expand their businesses in 2023 despite expected increased labor and food costs. It also may be time to update the restaurant’s menu. Cross utilizing menu items helps reduce waste and save money.
Going into 2023, 45-50 percent of frequent users said they plan to use restaurant channels “more or much more” compared to just 20-23 percent of the whole respondent population. Using precision menu engineering practices to fire up sales. Move value menus from low-price to abundance. Hint: rewards help.
expect to be less profitable in 2023. Rising food, labor and energy/utility costs pose significant challenges heading into 2023. business leaders anticipate a recession in 2023, according to JPMorgan Chase’s 2023 annual Business Leaders Outlook survey. 50 percent of operators expect to make less profit in 2023.
Cracking the Code of Restaurant App Usage, November 2023 ) What Customers Value RMS segmented respondents by generation, and while preferences varied, all ages placed the most value on: Exclusive deals Loyalty-based incentives Customization What They Don’t Value On the other hand, crashes or technical issues ranked as the biggest pet peeve.
The research found that businesses worldwide – particularly restaurants – intend to experiment more in 2025, especially with customer retention programs like loyalty, as they face the triple challenge of sustained high inflation, shrinking consumer wallets and the need to raise prices across the board.
Digital Dining: What Restaurants Need to Know Now In February 2023, our Revenue Management Solutions (RMS) data analytics team advised on the benefits of attracting and keeping frequent diners. According to our Q1 2023 survey , frequent users were not just visiting QSRs; they planned to keep visiting.
The primary response was menuprice increases, with nearly 61 percent of respondents adjusting prices to cope with the new reality. However, the industry has renewed optimism, driven by the adoption of digital and mobile ordering, menu creativity and heightened expectations around AI. percent compared to November of 2023.
Keeping brand integtrity, the interior featured a walk-up counter, digital menu boards and condensed seating/waiting areas with TVs. Own Your Changes In March 2023, restaurants’ food prices were 8.8 There’s also a feeling of being disregarded that comes with an unexplained price increase. percent this year.
This capability can prove invaluable for refining pricing strategies, optimising ingredient and waste management, and planning forthcoming shifts, among other benefits. Vanilla isn’t for everyone In 2023, marketing took a cue from the ice cream parlor, embracing segmentation with the same precision as a sundae artisan.
Since the pandemic, restaurants have endured a plethora of issues ranging from fluctuating dining restrictions to supply chain issues to rising food prices. True AI is able to learn the entire online ordering menu, so phone-in customers can customize orders just as they would if they were in store or talking to an employee.
In this edition of MRM Research Roundup, we feature pizza predictions, Valentine's Day menu trends and lots about loyalty. Valentine's Menu Trends Restaurant guests heavily favor tasting menus this Valentine’s season, according to Lightspeed. percent dip in overall gratuities.
This convenience has made the online food delivery market massive, with global revenues of over $1 trillion in 2023 alone. As a restaurant owner, you can tailor your solution to accommodate complex menu options. The technology simplifies the entire process, from selecting menu items to making payments.
The pair, longtime visitors to Maine and Beal’s customers, not only retained the essence of the restaurant while expanding the menu and service, but they also took the brand nationally. Food prices are rising all over, how can you manage with a high-ticket item such as lobster? Desert Island with a planned opening in 2023.).
Moving to Interactive Menu Boards Speaking of dining being back – it’s back to being… different. Interestingly, a survey from 2023 showed that promotional deals were cited as the program type that would most convince consumers to eat at a restaurant. And, as a restaurant, how are you navigating that shift in behavior?
A Decade of DoorDash DoorDash celebrated its 10th anniversary by unveiling Dash From the Past 2023 and Dash From the Past: A Decade Delivered, which checks in on popular trends as we celebrate the best of what users have dashed over the past year, and over the past decade. Like the most ordered food on DoorDash of all time: French fries.
We organize all of the trending information in your field so you don't have to. Join 49,000+ users and stay up to date on the latest articles your peers are reading.
You know about us, now we want to get to know you!
Let's personalize your content
Let's get even more personalized
We recognize your account from another site in our network, please click 'Send Email' below to continue with verifying your account and setting a password.
Let's personalize your content