As food prices continue to rise, restaurants known for their value offerings have the opportunity to gain share of stomach from their pricier competitors.
By the Numbers
Research from the latest edition of PYMNTS’ Consumer Inflation Sentiment study “Consumer Inflation Sentiment: Inflation Slowly Ebbs, but Consumer Outlook Remains Gloomy,” which drew from an August survey of more than 2,100 consumers, revealed that, in response to inflation, 38% of consumers reported that they are opting more for lower-priced restaurants, up two points from the month prior.
Read more: New Survey Shows Consumers Less Optimistic Than Fed on Taming Inflation
The Data in Action
Noting this trend, many restaurant brands have been announcing new value meal deals and other price-tied promotions. Diner-style, full-service restaurant (FSR) chain Denny’s, for one, announced Wednesday (Sept. 7) the launch of a new value menu with meals starting at $5.99.
“The time for value is now as more and more Americans across the country experience difficult moments and seek the ultimate bang for their buck,” Denny’s President John Dillon said in a statement. “… with the launch of All Day Diner Deals, we’re pleased to go all in on this next phase of delivering everyday value to our guests.”
