Table of Contents
Overview
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- What you need to know
- Definition
Executive Summary
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- The issues
- Venues outside traditional restaurants are trending
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- Figure 1: Restaurant competitor utilization, October 2017
- Restaurants can’t be all things to all consumers
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- Figure 2: Restaurant attitudes, October 2017
- The opportunities
- The restaurant industry continues to grow
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- Figure 3: Total US revenues and fan chart forecast of full-service restaurants, limited service restaurants, and other eating places*, at current prices, 2012-22
- Opportunity to expand beyond traditional associations
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- Figure 4: FSR vs LSR attitudes, October 2017
- Price, recommendations, and location drive new restaurant trial
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- Figure 5: Restaurant visitation motivators, October 2017
- What it means
The Market – What You Need to Know
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- Market as a whole continues to grow
- FSRs fall behind LSRs
- Economic conditions are ideal for restaurants
Market Size and Forecast
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- Restaurant sales grow steadily
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- Figure 6: Total US revenues and fan chart forecast of full-service restaurants, limited service restaurants, and other eating places*, at current prices, 2012-22
- Figure 7: Total US revenues and fan chart forecast of full-service restaurants, limited service restaurants, and other eating places*, at current prices, 2012-22
Market Breakdown
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- Growth of LSRs outpacing that of FSRs
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- Figure 8: Total US revenues and fan chart forecast of full-service restaurants, at current prices, 2012-22
- Figure 9: Total US revenues and fan chart forecast of full-service restaurants, at current prices, 2012-22
- Figure 10: Total US revenues and fan chart forecast of limited service restaurants and other eating places*, at current prices, 2012-22
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- Figure 11: Total US revenues and fan chart forecast of limited service restaurants and other eating places*, at current prices, 2012-22
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- Figure 12: Total revenues for restaurants and other eating places, by segment share, at current prices, 2015-22
Market Perspective
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- Evolving foodservice landscape
- Retailers turn into foodservice destinations
- C-stores experience strong foodservice sales growth
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- Figure 13: Total US sales and fan chart forecast of c-store foodservice sales, at current prices, 2011-21
- Meal kits may bridge the gap between retail and foodservice
Market Factors
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- Consumers have rosy economic outlook
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- Figure 14: Consumer Sentiment Index, January 2007-September 2017
- Figure 15: Opinion on current financial situation, Q2-Q4 2017
- HHs with children decline
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- Figure 16: Percentage of total households, by presence of related children, 2006-16
- Consumers are spending more at restaurants while on vacation
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- Figure 17: Expenditures on US tourism-related goods and services, by segment, at current prices, 2014 and 2016
- Foodies shape the future of foodservice
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- Figure 18: Foodie attitudes, October 2017
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- Figure 19: Food attitudes, Spring 2013-17
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- Figure 20: Foodie dining habits, June 2017
Key Players – What You Need to Know
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- Convenience is front and center at restaurants
- Overexpansion plagues the market
What’s Working?
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- “Fast food” redefined
What’s Struggling?
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- Too many choices not enough time or money
What’s Next?
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- Ties between social media and restaurants grow stronger
- Hotels up their dining programs
- Food halls offer hope to new chefs entering the crowded market
The Consumer – What You Need to Know
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- Word of mouth drives most new restaurant trials
- Consumers visit a variety of nonrestaurants for meals
- Strong associations exist between FSRs and LSRs
Restaurant Visitation
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- Chain restaurants dominate the foodservice landscape
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- Figure 21: Restaurant visitation, October 2017
- Restaurant visitation largely based on age, income
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- Figure 22: Restaurant visitation, by age and HH income, October 2017
- Casual dining chains need to attract multicultural consumers
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- Figure 23: Restaurant visitation, by race/ethnicity, October 2017
- Feeding the family
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- Figure 24: Restaurant visitation, by parents and age, October 2017
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- Figure 25: Restaurant visitation, by age of child/children, October 2017
- QSRs appeal to calorie carefree consumers
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- Figure 26: Restaurant visitation, by restaurant consumer types, October 2017
- Foodies are fans of all restaurant types
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- Figure 27: Restaurant visitation, by foodie attitudes, October 2017
- Consumers generally visit a few restaurant types
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- Figure 28: Repertoire analysis – restaurant visitation, October 2017
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- Figure 29: Repertoire analysis – restaurant visitation, five or more restaurant types, by demographics, October 2017
KDAs
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- Methodology
- Taste and consistency are important across segments
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- Figure 30: Key drivers of satisfaction with different restaurants, October 2017
Restaurant Visitation Motivators
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- Word of mouth is key for new restaurants
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- Figure 31: Restaurant visitation motivators, October 2017
- Younger women motivated by online reviews
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- Figure 32: Restaurant visitation motivators, by age and gender, October 2017
- Ambiance is part of the dining experience for foodies
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- Figure 33: Restaurant visitation motivators, by foodie attitudes, October 2017
- Large overlap between food halls and fine dining
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- Figure 34: Restaurant visitation motivators, by restaurant type visitors, October 2017
Restaurant Competitors
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- Foodservice grows in nontraditional channels
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- Figure 35: Restaurant competitor utilization, October 2017
- iGen/Millennials get food from many sources
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- Figure 36: Restaurant competitor utilization, by generations, October 2017
- Hispanics are key consumers for foodservice in retail concepts
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- Figure 37: Restaurant competitor utilization, by Hispanic origin, October 2017
- Restaurant competitors also appeal to foodies
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- Figure 38: Restaurant competitor utilization, by foodie attitudes, October 2017
Restaurant Attitudes
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- Balancing the wants and needs of consumers
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- Figure 39: Restaurant attitudes, October 2017
- Nonfoodies want the basics
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- Figure 40: Restaurant attitudes, by foodie attitudes, October 2017
- Demographic profiles: restaurant consumer types
- Restaurant hobbyists
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- Figure 41: Restaurant hobbyists demographic profile, October 2017
- Special occasion only diners
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- Figure 42: Special occasion only diners demographic profile, October 2017
- Calorie carefree
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- Figure 43: Calorie carefree consumers demographic profile, October 2017
- Deal seekers
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- Figure 44: Deal seekers demographic profile, October 2017
- Just play the hits
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- Figure 45: Just play the hits consumers demographic profile, October 2017
- Organic enthusiasts
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- Figure 46: Organic enthusiasts demographic profile, October 2017
FSR vs. LSR Attitudes
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- The strengths and weaknesses of FSRs and LSRs
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- Figure 47: FSR vs LSR attitudes, October 2017
Appendix – Data Sources and Abbreviations
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- Data sources
- Sales data
- Fan chart forecast
- Consumer survey data
- Consumer qualitative research
- Abbreviations and terms
- Abbreviations
- Terms
Appendix – The Market
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- Figure 48: Total US revenues and forecast for full-service and limited service restaurants and other eating places*, at inflation-adjusted prices, 2012-22
- Figure 49: Total US revenues and forecast for full-service restaurants, at inflation-adjusted prices, 2012-22
- Figure 50: Total US revenues and forecast for limited service restaurants and other eating places*, at inflation-adjusted prices, 2012-22
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Appendix – The Consumer
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- Figure 51: Households, by presence of related children, 2006-16
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