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

Rhea-AI Summary

Givex, a cloud-based global customer engagement and business insights platform, conducted a survey revealing that higher menu prices have made dining out more challenging for 78% of Americans. The survey highlights the impact of inflation on dining preferences and habits, with consumers seeking promotions, discounts, and loyalty programs to manage costs. The findings emphasize the importance of value-added services like loyalty programs in maintaining customer engagement during economic challenges.

Continued inflation drives consumers to seek out more promotions, discounts and loyalty programs to manage costs associated with dining out.

CHICAGO, May 9, 2024 /PRNewswire/ - 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.

About Givex
The world is changing. Givex is ready. Since 1999, Givex has provided technology solutions that unleash the full potential of engagement, creating and cultivating powerful connections that unite brands and customers. With a global footprint of 132,000+ active locations across more than 100 countries, Givex unleashes strategic insights, empowering brands through reliable technology and exceptional support. Givex's integrated end-to-end management solution provides Gift Cards, GivexPOS, Loyalty Programs and more, creating growth opportunities for businesses of all sizes and industries. Learn more about how to streamline workflows, tackle complex challenges and transform data into actionable insights at www.givex.com.

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SOURCE Givex Corporation

FAQ

What percentage of Americans find promotions as a major incentive to dine out?

86% of Americans find promotions as a major incentive to dine out according to the Givex survey.

How many Americans participate in at least one loyalty program?

87% of Americans participate in at least one loyalty program based on the Givex survey.

What is the impact of higher menu prices on dining out according to the survey?

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

What technology is growingly accepted in the restaurant industry based on the survey?

There is a growing acceptance of AI-driven technology in the restaurant industry, with 52% of Americans comfortable with its implementation, according to the survey.

Where can more information about Givex's technology solutions be found?

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