QSRs have highest brand loyalty amongst consumers during cost-of-living crisis — survey
Delivery and takeaway ranked the highest in what consumers may spend less on, if budgets tightened.
Quick service restaurants have the highest brand loyalty amongst consumers during the cost-of-living crisis, according to a recent survey from guest experience management solution provider HGEM.
Eighty-seven per cent of consumers surveyed said they are already affected by the cost-of-living crisis, with 91% of both Gen-Z (18-25) consumers and respondents aged 66 and older most impacted. The least affected (78%) were in the 56-65 age group.
If budgets contracted, 72% say they would reduce visit frequency to their favourite hospitality venues, rather than find a cheaper alternative.
HGEM’s analysis of the sector revealed that the highest percentage of consumers opting for the reduction of frequency, rather than cost, were identified in the quick service sector (79%), meaning that people are least likely to choose a cheaper alternative to the place they usually get their lunch or coffee from and rather just go less often.
Quick service was followed by dining out (76%), drinking out (70%), leisure (69%) and accommodation (65%). From a demographic perspective, Gen-Z stood out as the age-group who could most likely be swayed by cost, the findings revealed.
Asked on what they would stop spending on first, if budgets tightened, delivery and takeaway ranked the highest, followed by holidays abroad, eating and drinking out, non-essential retail and UK holidays.