Consumers no longer dishing out on food and drink
Over the past year, the Consumer Price Index has risen 6 percent, with the highest peak at 9.1 percent in June last year–the biggest increase since November 1981. Consumers are feeling the brunt of inflation prices, and it is particularly impacting eating out and drinking habits. According to a recent Morning Consult report, more than half of Americans say they’re changing the ways they eat and drink due to inflation. Restaurants continue to take a hit Restaurants face myriad challenges from supply chain shortages, double-digit food inflation, wage increases and higher operating costs, to name a few. And it is no surprise that to keep their doors open, they are raising prices for consumers. But, as consumers look to save their pennies in the current economy, restaurants appear to be the first to get cut. According to the same Morning Consult report, all generations and income levels are equally likely to eat out less to reduce spending over other behaviors. This trend doesn’t just stop at dining in. Americans are also ordering less takeout and fewer restaurant deliveries. This also holds for previously to-go-loving millennials. In 2021, 49 percent of this generation reported dining out at least once a week. In 2023, that number dropped to 40 percent. The