Nation's Restaurant News Highlights HundredX Data on Dining Trend

Nation's Restaurant News Highlights HundredX Data on Dining Trends

Rising costs have forced restaurants to increase their menu prices, and while consumers were initially accommodating, sentiments are changing.

Nation's Restaurant News’ executive editor Alicia Kelso leaned on data from HundredX, spotlighting a 7% drop in diner favorability regarding price over the last year. This is mirrored by a 1.8% drop in fast-food traffic in Q2 year-over-year as menu prices grew by 10.6%.

A restaurant with tables and chairs outside of it.

Although the price is a prominent factor, it's not the only thing that matters to patrons.

“Our AI-driven resource allocation model shows that quality and taste are the two top drivers with the biggest impact on future purchase intent for restaurants, far ahead of the other 14 factors we track,” said Andre Benjamin, vice president of strategy at HundredX. “While price is something that is top of mind for all consumers – thus selected 65% of the time as something they care about – we’re seeing it doesn’t have a large impact on whether they will go to a restaurant or not.”

HundredX's insights highlight the need for restaurants to focus on taste and speed, especially in this inflationary period.

Read our full report on quick, fast, casual restaurants here: https://hundredx.com/the-sweet-and-savory-exploring-fast-food-trends

Crowd-Powered Business Advantage

Leveraging the power of The Crowd, HundredX continuously monitors consumer perceptions, providing businesses with essential information to maintain their market position. We tap into real consumer feedback to understand industry trends like fast fashion, as one example. With our extensive coverage of 80+ industries and 3,000+ brands, we analyze the collective opinions of everyday customers to uncover what really matters to them. Moreover, we evaluate how their priorities influence purchasing decisions and attitudes towards businesses. These insights empower business leaders to craft customer-focused strategies and gain a competitive edge in their markets.

Please contact our team for a deeper look at HundredX's quick, fast, casual restaurant data, which includes 1 million pieces of customer feedback across more than 180 restaurant brands.

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Consumer spending muted amid rising prices

November 7, 2024

Consumers are navigating still-high prices with resilience. HundredX analysis, based on millions of pieces of customer feedback from July 2021 through April 2023 across 3,200+ companies, indicates inflation remains persistent, but consumers are cautiously hanging on. New Consumer Price Index (CPI) data shows prices increased 3.4% in April from a year ago, compared to 3.5% in March, which highlights a slight easing in inflation month-to-month. Still, HundredX data shows that consumers still feel negative about prices in general, pointing to inflation’s stickiness and consumer frustrations over the consistently high prices of everyday goods. Generally, we’ve seen that changes to HundredX’s Price favorability index are typically inversely correlated with movement in the CPI levels (i.e., inflation) reported by the US government.