Restaurant spending is up and here’s the top brands consumers are spending it on
For every £1 consumer spend, 6.5 pence goes to out-of-home eating and drinking.
Consumers are spending 6.5 pence on out-of-home eating and drinking for every one pound between January and July 2023, an increase of 6.2 pence in the same period last year, according to the figures revealed by the BrandTrack Plus by CGA by NIQ.
As well as highlighting more trends in consumers’ share of wallet, BrandTrack Plus provides important insights into spending at hospitality brands and their competitors, with extensive rankings of leading operators by various metrics.
The data also revealed the top brands consumers spend their restaurant budget on compared to their competitors. Consumers that visit Nando’s spend over a quarter of their restaurant budget there (27%) and 73% at other competitor restaurants. Ego (21%) and Pizza Hut (19%) rank second and third for restaurant groups with the highest level of consumer spending at brand relative to their competitors, whilst Dishoom, Hickory’s and Hawksmoor score highest for both guest satisfaction and Net Promoter Score.
According to Karl Chessell, CGA’s business unit director - hospitality operators and food for EMEA, said that it’s encouraging to see that hospitality venues have increased their share of consumers’ spending this year, and it’s testament to the compelling experiences offered by Britain’s restaurants, pubs and bars.
“But in a competitive and fast-changing market, there is no room for complacency. Our data consistently shows the close correlation between satisfaction and sales, so all brands need to stay laser-focused on guest experiences and the fundamentals of hospitality. Cutting through the noise of data to get actionable insights is the first step to gaining share over the rest of 2023 and beyond, and our new BrandTrack Plus service is the ideal launchpad for successful strategies,” Chessell said.