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Tampa,
FL – April 2021 / Newsmaker Alert / Restaurant
operators who have navigated COVID-related shutdowns, restrictions and
rapidly changing consumer demands must now prepare for another unexpected
reality: Pandemic-related buyer behaviors may be here to stay.
In
its most recent quarterly survey, Revenue
Management Solutions, a global enterprise providing patented, tech-enabled
solutions for the restaurant industry, set out to understand the consumer’s
current state of mind. Respondents answered questions about vaccination
and how widespread declines in the virus will impact restaurant dining
habits. The survey
was fielded in late February 2021, with responses from more than 1,100
U.S. diners in rural, suburban and urban markets.
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One
thing the survey tells restaurateurs: Consumers will return. When asked
about eating out at restaurants post-pandemic, an encouraging 32% of respondents
said they plan on eating out even more than before the pandemic started,
compared to only 13% when polled last fall. Frequent delivery orders are
seeing a small decline, with a 6% drop, though takeout and drive-thru continue
to climb, each nudging up by 2% over the three-month period.
“We
are encouraged to see increased optimism about dining out, high acceptance
of the vaccine and a general acceptance of possible price increases,” said
Dr. Christina Norton,
director of behavioral research at Revenue Management Solutions. “But all
signs point to a significantly changed landscape going forward, as buyer
behaviors adopted in 2020 appear to have strong staying power.”
Key
insights include:
-
People
continue to work from home. Only 6% of respondents reported that changes
in their work environment in the last three months have resulted in now
working primarily from the office. The slow transition back to the workspace
will likely continue to affect restaurants that heavily relied on commuter
or office worker traffic.
-
Habits
are formed. When asked if their behaviors have remained the same since
November 2020, a growing number of respondents said yes. Specifically,
45% of respondents say their breakfast behavior hasn’t changed, compared
to 41% in November; 51% report lunch behaviors have stayed the same, up
from 44% in November; and 47% report that dinner behavior has stayed the
same – an 8-point jump from 39% in November.
-
Restaurants
are perceived to be safe. When asked if restaurants can provide a safe
indoor experience, 51% said yes, an 8% increase from August 2020.
-
Willingness
to get the vaccine changes dining-out concerns. For those who already
received the vaccine or are scheduled to get it, 72% say the number of
COVID cases at the local level is the most important factor in deciding
to dine out. For those undecided or not planning to get the vaccine, whether
or not a restaurant can provide a safe indoor dining experience was the
top consideration.
-
Consumers
accept price increases at restaurants more than at grocery outlets.
Grocery prices surged last spring due to supply chain issues. Consumers
still perceive food-at-home (FAH) prices to be higher than food-away-from-home
(FAFM) prices, despite a reduction in the gap between FAH and FAFH pricing
and both increasing at similar levels.
-
Cost
increases are justifiable. Most respondents see increased minimum wage,
cost of food and safety precautions as justifiable reasons for restaurants
to increase prices. At 70%, Boomers were the most understanding; Gen Z
was the least tolerant at 41%.
New household
concerns rose to the forefront this February, with consumers reporting
mental health and not being able to participate in desired activities as
key concerns. Both issues moved up three ranks since first reported in
May 2020, when the economic impact and inability to see friends and family
ranked highest.
“There’s
reason to be cautiously optimistic about consumers’ return to in-restaurant
dining,” said Norton. “But operators cannot let their guard down on safety
and must be prepared to continue to meet the consumer where they are, which
is largely still at home.”
Visit
RMS’ website to download
the full research report for free.
About
Revenue Management Solutions
Revenue
Management Solutions (RMS) provides data-driven solutions and services
to the restaurant industry, all designed to help brands drive sales and
profitability while maintaining traffic and enhancing brand value long-term.
RMS works with more than 50 major brands in more than 40 countries, with
its patented processes of revenue management used in more than 100,000
restaurant locations globally. The company holds five U.S. patents on menu
pricing and customer segmentation and supports ongoing academic research
efforts. Its industry-leading consumer and trends research has been quoted
in numerous publications throughout the pandemic recovery. For more information
on how RMS helps its clients, visit www.RevenueManage.com.
Media
Contacts:
Center
Reach Communications
Tracy
Henderson
720-989-3530
or
Rebecca
Wilkins
214-437-9096 |