Many diners report eating out less to save money, but recent data from Bank of America reveals restaurant spending has increased by 2.1% among households. While low-income diners visited restaurants less frequently in June, they spent more per visit, mitigating any savings. Menu prices have risen significantly due to inflation, particularly in fast-food establishments where prices increased by double digits. To adapt, restaurant chains have introduced value-oriented deals to draw in customers, even as consumer spending patterns evolve.
Spending data indicates that, despite consumers' belief that they are dining out less to save money, restaurant spending per household actually increased 2.1% between March and June.
Inflation has inflated menu prices at restaurants, with many fast-food prices rising by double-digit percentages in 2022 and 2023, despite a general decrease in inflation rates.
While lower-income households reduced their restaurant visits in June, they compensated by increasing their expenditure per visit, offsetting potential savings from dining out less frequently.
Large restaurant chains, facing higher menu prices, have responded by rolling out new value meal offerings, like McDonald's $5 meal, to attract customers back.
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