Value

What is driving the trend?

The Global downturn - With countries emerging from the global downturn at different speeds, it’s important to note that the majority of consumers do plan to spend less on eating out for the foreseeable future.*

They really are going to be very careful with their discretionary spending. Some countries experienced a phenomenon called ‘The Lipstick Effect’. This occurs when consumers make smaller indulgent purchases but forego more extravagant expenditure on larger items or bigger occasions. Undoubtedly, consumers have been trading down but there is also a renewed desire to invest more energy into getting better value wherever they are and whatever they are spending their hard-earned money on.**

*Mintel Global Research 2009
** Euromonitor 2009
 

How this is emerging in the market

More Deals - The figure does fluctuate across the world, but as  many as a quarter of consumers are coping with  the downturn by only visiting restaurants that offering discounts on their menus. Vouchers for money off being the most popular incentive.

Greater Competition - The scramble to attract guests and capture their eating out spend has led to a much more competitive market. Certainly chain operators that benefit from having a bigger marketing resource have been winning in markets across the world.

Clever pricing strategies are being used to attract guests and many of them are aware  of the really great eating out deals available and, if they are not, they are certainly ready to hunt them out.

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