Shifting definitions of value increasingly include food quality and service, Technomic reveals in new report

Technomic's 2019 Value & Pricing Consumer Trend Report navigates the changing definitions and perceptions of value along with opportunities to meet increasing demands

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Technomic

Jul 25, 2019, 09:09 ET

CHICAGO, July 25, 2019 /PRNewswire/ -- Value remains a vital component in the path to purchase, with 76% of consumers saying it's a very important factor when deciding where to dine. Technomic's 2019 Value & Pricing Consumer Trend Report 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.

"As definitions of value evolve, operators need to renew their focus on 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 $5 per month for a daily coffee, to drive value perceptions and visit frequency."

Key takeaways:

47% of consumers say they look for good value because it makes them feel better about eating out if they know they got a 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% 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.

Technomic publishes a complete library of Consumer Trend Reports. To learn more, please visit technomic.com or contact one of the individuals listed below.

Contacts:
Press inquiries and report details: Anne Mills, (312) 506-3867, [email protected]
Purchasing details: Patrick Noone, (312) 506-3852, [email protected]

About Technomic
Technomic, Inc., a Winsight company, was founded as a management consulting firm in 1966. Since then, Technomic's services have grown to encompass cloud-based B2B research tools, consumer and menu trend tracking, as well as other leading strategic research and analytic capabilities, to prioritize and size business opportunities. Our clients include food manufacturers and distributors, restaurants, retailers and multiple other business verticals aligned with the food industry that are looking to make informed decisions to support their business growth. Visit Technomic at www.technomic.com.

SOURCE Technomic