Q2 2024 Restaurant Marketing Outlook: Acquire Consumers Looking for Relief from Rising Prices

Increasing restaurant prices—5.1% annually compared to only a 1.2% increase for groceries—continue to drive shifts in consumer behavior, and restaurant marketing must adapt, according to this year’s Restaurant TrendWatch Report. 68% of consumers surveyed indicated they are choosing groceries over dining out.1

The March 2024 Consumer Price Index report showed restaurant prices continued to increase at a higher rate than essentials like gas and household energy, as well as groceries.

March 2024 Consumer Price Index for Key Categories

This trend contributed to 67% of consumers saying increased costs are making dining out too expensive, a 3% increase over 2023.2

How can restaurants acquire customers and combat this shift toward eating at home?
Discounts and coupons.

Did you know?

  • 51% of respondents said a coupon or discount entices them to try a restaurant.
  • 49% said deals help them choose between restaurants.
  • 30% noted that they won’t try a restaurant without a coupon or discount offer.3

Consumers seek discounts in both print and digital media formats and channels. Restaurant marketing campaigns must leverage an effective mix of both to remain top of mind and elevate brand awareness as diners consider purchases.

  • 62% of consumers (especially Gen Z, millennials, parents, millennial parents, and frequent diners) are likely to respond online after seeing a print ad for a restaurant.2
  • 35% of diners are influenced by coupons and offers received in the mail, a 4-point increase over 2023. 2
  • Simultaneously, 28% of restaurant customers are influenced by online discounts and coupons, a 6-point jump over the previous year. 2
  • When asked what helped them decide where to dine in the past 30 days, 25% said a discount from a restaurant app and 23% said a print ad with coupons.3
  • When fast food customers have a coupon/discount, about half (49%) will spend more by upgrading items or ordering more. 3
  • At 28%, restaurant loyalty programs have proven more crucial than ever for fostering customer retention and nurturing a community of loyal enthusiasts, increasing 5% since 2023. 2

Get more information about how integrated advertising solutions can cost-effectively drive restaurant ROI.

Learn more about marketing to restaurant customers seeking value and relief from increasing prices in our restaurant ebook. Click “get started” below to connect with an expert to discuss your restaurant marketing goals.

Sources: Report finds rising costs push diners to value-conscious choices, qsrweb, May 20241; Vericast 2024 Restaurant Trendwatch Report2; Restaurant prices push consumers to grocery store; coupons critical for diners, chainstoreage.com, May 20243