Will Foodservice Win or Lose in the Game of Eat in or Go out?

Abstract

This report is part of the GlobalData Case Study report series, which analyzes trends explored on GlobalData's TrendSights Map. The consumer insight offered throughout the report is drawn from GlobalData's Q1 2023 and Q4 2022 global consumer survey, a quarterly survey designed to capture consumer sentiment as it evolves throughout the year.

The foodservice industry has witnessed a variety of challenges to maintain footfall, especially after a critical hit from COVID-19 in 2020. However, long-term, dine-in channel demand is projected to significantly increase. GlobalData insights shows the growing opportunity for foodservice providers to erode the share of at-home cooking and dining through omnichannel experiences.

Scope

• To meet consumers' affordable lifestyle needs, restaurants have been launching more long-term price promotions.
• Foodservice providers should find alternative approaches to maintain an affordability profile without changes to the quality of menu items. An example of this is Starbucks reducing its size to propose more affordable options for consumers.
• Younger generations are especially showing demand for online takeaway. They are looking for easier and more convenient food options. Dine-in and takeaway are forecast to grow at a 2022-27 CAGR of 7.3% and 6.1% respectively. This demonstrates the growing opportunity for foodservice providers to take advantage of creating more purchase points.

Reasons to Buy

• Understand the challenges and opportunities for foodservice brands in the face of consumers looking to eat in more often.
• Gain insight into how competitors are responding to this trend.
• Access valuable strategic take-outs to help direct future decision-making and inform new product and service development.