78% of Americans Agree Higher Menu Prices Have Made Dining Out More Challenging This Year, Givex Survey Reveals

Staff Report From Georgia CEO

Monday, May 13th, 2024

Givex, (TSX: GIVX) (OTCQX: GIVXF), the cloud-based global customer engagement and business insights platform, has released findings from its latest survey examining the impact of inflation on American dining preferences and habits. The Givex 2024 Restaurant and Dining Trends Survey draws from responses of over 1,000 Americans, offering a detailed look into evolving consumer behaviors as the economic landscape shifts.

"The ongoing economic challenges have understandably altered the way people approach dining out," said Givex's Chief Commercial Officer, Mo Chaar. "Our survey indicates that while price sensitivity has increased, so has the appreciation for value-added services like loyalty programs and promotional offers, which can help restaurants maintain customer engagement during these challenging times."

According to the survey, 86% of Americans cite promotions as a major incentive to dine out, closely followed by coupons and discounts at 81%. Additionally, 65% of respondents find value in loyalty programs, and nearly half (47%) are attracted to Happy Hour deals. This shows a clear trend of consumers seeking ways to maximize value in response to rising menu prices and the ongoing impacts of inflation.

Other key insights from the Givex 2024 Restaurant and Dining Trends Survey include:

  • Inflation Impact: A notable 78% of Americans agree that higher menu prices have made dining out more challenging over the past year.

  • Shifts in Dining and Delivery: Some 41% of respondents are dining out less frequently, while 45% have reduced their food delivery orders compared to last year. Meanwhile, 60% report cooking more at home.

  • Loyalty Programs: Nearly half of all Americans prioritize grocery loyalty programs, with 49% rating them as most important. Overall, 87% of Americans participate in at least one loyalty program.

  • Technology Adoption: There's a growing acceptance of AI — specifically conversational AI-driven product recommendation technology — in the restaurant industry, with 52% of Americans comfortable with its implementation. In the 2024 Restaurant Technology Study co-sponsored by Givex, 63% of restaurant operators surveyed said they are planning to use or add AI or automation/robotics into their operations. Both data sets underscore the growing demand for emerging technology to enhance the customer experience and restaurant operations.

"As we navigate a period marked by economic adjustment, understanding consumer priorities is essential for businesses aiming to enhance customer experiences and drive sales," said Chaar. "The insights from our 2024 survey provide critical data that can help restaurant owners and operators make strategic decisions that align with customer preferences."

For more information about the technology solutions offered by Givex, visit givex.com.