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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.
Some brands may consider that they can offer an experiential focused bar menu for a more approachable price point for the consumer who may not opt for a full dining experience. Innovative lighting that shifts from day to night and elevated barstool comfort are just a few examples.
One of the building blocks you must put in place before starting a restaurant is market research. Just like a well-crafted mission statement will help guide your business decisions, identifying and understanding your target customers and competitors through restaurant market research will give your business a competitive edge.
Rising restaurant prices and increased cost-of-living expenses are significantly altering dining out habits in both the US and UK, according to a new survey from Attest. Among the key findings affecting restaurants: Price Sensitivity : 86 percent of consumers in both the US and UK feel restaurant prices are higher than last year.
Opening a restaurant in competitive markets like South Florida is no easy task. Restaurant owners looking to purchase an existing license can face prices up to $1 million depending on demand. Nearly 49 percent of restaurants fail within their first five years, and the 10-year survival rate is less than 35 percent, according to the U.S.
Minimizing Menu Price Increases : Just because diners are still eating out and ordering in, does not mean they are happy about higher menu prices. Restaurant operators should limit significant menu price increases, explore value menus when possible, and avoid implementing any sneaky service charges.
Since Sunny Street's inception 16 years ago, Stasko has led various departments – including menu design, product strategy, the move to a bright and fresh restaurant design, and its family-centric marketing focus. What are the best practices for dealing with food costs for recipes when necessary items are fluctuating in price?
In 2024, restaurant traffic slowed while price sensitivity grew. Moreover, three out of four respondents believe restaurant prices are higher and high prices are the primary reason for cutting back on restaurant spending. Sustained loyalty is the goal in this highly competitive, price-driven market. What is value?
FCRs that have beefed up their “Marketing Value Meal” are emerging victorious. Here are three considerations for the “Ultimate Marketing Value Meal” and steps for bringing it to life: Pair Value with Quality It’s not just about price, but it’s still important amid rising costs and looming tariffs.
Of course, running a restaurant is difficult, wholesale prices of ingredients have risen dramatically since the pandemic, labor costs are out of control, and landlords have no mercy when it comes to establishing lease arrangements. So, are we pricing ourselves out of the market? Reverse engineer your menu from this perspective.
." Lynch has more than 20 years’ experience managing large CPG and retail brands in marketing and brand strategy. Kristin was previously Vice President with Round Table Pizza and Director of Marketing for well-known brands such as Thorntons, Pyrex, and Craftsman Tools. "Loyalty
Still, keeping a steady team remains the top challenge, highlighting the need for ongoing innovation in restaurant workforce management. Embracing these innovations will be essential to meeting the evolving needs of the industry and its workforce. At the same time, technology is poised to play an even bigger role in the coming year.
The quicker businesses can feed that information back into operations, the better, whether for personalized dining, staffing optimization, or advertising and marketing. For restaurants, sourcing from these local markets offers a way to support regional producers while differentiating their menus with unique, high-quality ingredients.
Due to many factors including inflation and supply chain challenges, restaurant owners and operators have been faced with tough choice about raising menu prices. As food prices rise, restaurants should try to stay within their target ratio for food cost to gross food revenue in order to maintain target profits.
While there was a brief dip in consumer awareness of menu price increases in late 2024, the spring of 2025 has seen a moderate rise, affecting dining habits and consumer perceptions of value. “With rising prices tied to eggs and imported goods, restaurants will need to think creatively about their menus,” Fink said.
“Our marketing plan has always been to get new people to try our food,” he said. We continued to advertise and market our food, focusing specifically on takeout and delivery to drive business. His updated marketing strategy included new wrapping for their catering van.
Striking a balance between value and price. Is it possible to strike a balance between value and price to satisfy both parties? To answer that question, Revenue Management Solutions (RMS) examined two factors: the impact of price increases on QSR sales performance and consumers’ perception of value. Is it possible?
. "Value is a broader tent than price, but price is an important value platform when consumers are faced with high inflation or a personal economic situation such as a job loss," Tim Fires, president of global foodservice at Circana, told Modern Restaurant Management (MRM) magazine. "We
” The food and beverage industry is faced with this demand, yet there are very few pickle-flavored sauces actually available in today’s market. Expect to see functional plants like burdock, angelica, and osha root popping up more frequently, adding a fresh, innovative twist to dishes. Move over “swicy.”
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.
Marketing trends, mobile data insights show that Gen Z has a considerable appetite for restaurants, clean eating, fast-casual, and exciting twists on healthy dining options. The sheer market size of Gen Z and their discretionary spending dollars should make restaurants and food services businesses sit up and take notice.
High coffee prices are becoming a lasting reality for the industry. While many assert that this signifies a long overdue change, as coffee has historically been an undervalued commodity, price volatility affects all levels of the supply chain in various ways. For coffee shops, in particular, margins are tighter than ever.
" He suggests variables operators should focus on are those that have an immediate impact on business including raw ingredient prices, farm-related issues such as the harvest and changing weather, and labor costs. "Raw Prepare for high commodity prices in the new year." Sysco and Amazon)," he said. "Getting
Vegan or plant-based culinary trends and innovative methods of eating have captured the attention of the entire world. According to a report by Transparency Market Research, plant-based dressing labels with organic ingredient panels or gluten-free claims have shown considerable sales growth in North America over the last few years.
Despite 93 percent of QSR operators indicating they raised prices in 2024, nearly two-thirds (64 percent) reported increased traffic across all dayparts, according to TransUnion’s QSR Industry Report: Bridging the Affordability and Profitability Gap.
Untilan artisan bread baker enters the market and shows consumers just how good bread can be. When everyone begins to align with constant improvement (whether by choice or forced by a competitive marketplace) then the community of restaurants will notice rising interest inside and outside the traditional market.
The report found that loyalty is eroding as brands worked hard to offer new limited time offers, value meals, upgraded loyalty programs, and digital innovations. based diners who recently ordered from a QSR, fast-food or fast-casual chai also found that value is about more than just price. The survey of 1,500 U.S.-based
We can expect to see a prolonged period of higher egg prices through the Easter and well into 2025, according to a repor t from CoBank. Eggs have become a staple item for innovation in quick-service restaurant entrees, and marketing trends like the emergence of all-day breakfast have significantly boosted egg demand.”
Convenience and a wide range of options have emerged as key purchasing drivers, providing significant opportunities for innovation to ensure more inclusive and seamless payment experiences. Consumers now expect innovative solutions that support seamless journeys, and payment technology must support this transition to smart mobility.
We can expect to see a prolonged period of higher egg prices through the Easter and well into 2025, according to a repor t from CoBank. Eggs have become a staple item for innovation in quick-service restaurant entrees, and marketing trends like the emergence of all-day breakfast have significantly boosted egg demand.”
Revenue growth in 2024 was largely driven by menu price adjustments. Although concerns about customer sensitivity influenced pricing decisions, only 9 percent of restaurants did not change prices in 2024, down 19 percent from 2023, indicating a stronger shift towards strategic price increases.
Recent product innovations enhance operational efficiency and guest engagement for restaurant operators. Driving Innovation: New Product Launches and Enhancements SpotOn continues to bring new updates to streamline operations, enhance guest experiences, and drive restaurant profitability.
Based on all the buzz, it’s touted as AI-mazing for marketing. This has led many businesses to view it as a marketing magic bullet to solve their revenue woes. AI can be used to analyze social media data to identify trends and user sentiment, monitor customer feedback and track the success of marketing campaigns.
From Menu to Momentum: Connecting Menu Innovation to Real Business Impact How To Ensure Your Menu Innovation Hits Today’s guests crave more than just a meal. Whether it’s new flavors, diet specific or just something they haven’t tried before that excites them, menu innovation is key to meeting evolving consumer choices.
We see a surge in the functional beverage space thats blurring the boundaries for all beverage formats creating opportunities for innovation. And this trend is making inroads into the restaurant space, says Jillian Hermanowicz, VP of marketing and communications at Florida Food Products (FFP).
The COVID-19 pandemic led to fluctuations in domestic producer prices, particularly in the food sector , according to the U.S. Combine the rising prices of food with the drive to be more sustainable, and we have reached the point where we need to reduce, reuse, and shop local. Adopt Restaurant Innovations. Utilize New Skillsets.
In 2024, restaurants across the country saw an average five percent increase in transactions and an average eight percent increase in profits with only four percent caused by price hikes. Fast Food and QSR Value The United States Fast Food & Quick Service Restaurant Market size was valued at US$ 248.8
As the calendar turns towards 2024, the restaurant industry stands at a crossroads, with innovation and adaptation at the heart of its ongoing evolution. This vibrant sector, a cornerstone of the global economy that tantalizes taste buds and fuels job markets, is bracing for transformation that will redefine its future.
However, 30 percent of high-income consumers are dining at TSRs more frequently than before, signaling room for premium offerings at the right price. Value Isn’t Just About Price—It’s About Experience Price sensitivity may be at an all-time high, but focusing solely on discounts risks missing the bigger picture.
Operators would see increased prices in their supply chain, resulting in rising costs to their guests as well. This level of customization not only enhances guest satisfaction but also drives customer loyalty, which is crucial in our competitive market.
Value pricing will eventually become a less effective tactic for restaurant brands with the market becoming oversaturated with discounted options. To do so, they must evaluate how value can be derived outside of price point. Operators must consider how they can strategically ease customers back into full price menus.
People will increasingly choose innovative products not only because they align with their values, but because they taste and perform better or otherwise meet personal preferences or needs. The data collected will help create future strategies to identify customer preferences influencing a company's sales and marketing strategies.
Restaurants are making use of workflow automation to increase efficiency in numerous ways inlcuding customer service automation and sales and marketing automation. Sales teams and marketers are deploying sales and marketing technology to automate the customers' journey and accelerate conversions. Improving customer service.
By paying regular lease payments over a specified period, you can preserve your capital and allocate your resources to other critical areas of your business, such as marketing, staff development, and menu innovation. These machines can vary in price, but even entry-level models can be costly.
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