Price increases for dine-in and takeaway decline at different rates
Price increases for food delivery declined from 20% in 2022 to 15% in 2023
Meaningful Vision’s reporting reveals price increases differ markedly across various sectors: a slowdown in price growth was more evident for dine-in and takeaway compared to delivery, and for food items compared to beverages.
Meaningful Vision’s latest report demonstrates that foodservice price inflation, affecting major aggregators such as Deliveroo, JustEat, and Uber, was 5% higher than equivalent prices for dining-in during the second half of 2023, continuing a trend that has seen price increases for dine-in restaurants decline from 15% in 2022 to 10% for 2023, whilst price increases for food delivery declined from 20% to 15% in the same period.
Delivery is increasingly more expensive than dine-in or takeaway alternatives since a decline in price increases for the sector is happening at a slower rate than elsewhere in the industry.
“Safely navigating the current economic conditions will require the foodservice industry to employ various instruments and strategies to spur consumer demand, beyond merely increasing or decreasing prices, examples include differentiated pricing, meal deals and promotions. A weighted pricing strategy, based on extensive knowledge of the competitive environment such as Meaningful Vision’s market insights provides, will remain a key strategy to navigate the potential challenges in store in 2024," Maria Vanifatova, CEO of Meaningful Vision said.
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