Consumers’ perceptions of value and pricing today

Chicago / IL. (tni) Value remains a vital component in the path to purchase, with 76 percent of consumers saying it’s a very important factor when deciding where to dine. Technomic’s «2019 Value + Pricing Consumer Trend Report» also reveals that roughly one-quarter of consumers say their definition of value has changed over the past two years, with food quality and service, in particular, playing an increasing role in the value proposition. «As definitions of value continue to evolve, operators will need to renew their focus on meeting, if not exceeding, expectations across all aspects of the value equation – food quality, price, service and atmosphere,» explains Bret Yonke, manager of consumer insights at Technomic. «Moving forward, look for high-traffic, high-volume segments like fast food to further experiment with subscription models, such as USD 5 per month for a daily coffee, to drive both value perceptions and visit frequency.» Key takeaways from the report include:

• 47 percent of consumers say they look for good value because it makes them feel better about eating out if they know they got a good deal
• Roughly half of all consumers across all restaurant segments say they cut back on add-ons from time to time to keep the cost of meals down
• 65 percent of consumers say they have noticed menu prices increasing over the past year

Compiling findings from 1,700 consumer responses, as well as trends, the comprehensive «2019 Value + Pricing Consumer Trend Report» helps foodservice operators and suppliers better understand consumers’ perceptions of value and pricing and identify opportunity areas.