Consumers still hungry for new experiences amid cost of living crisis

23 November 2022 by
Consumers still hungry for new experiences amid cost of living crisis

Foodservice agency Omne has unveiled its Unchartered Waters report which details opportunities for growth amid the cost of living crisis.

The study found 62% of consumers are now more likely to try a new dish when eating out.

In the full report, Omne revealed several actions that food and hospitality operators can implement to fit in with consumer's desire for new experiences.

Quality is key

When consumers are offered a choice between a cheaper meal that is greater value for money or a more expensive meal that is better quality, over two thirds (65%) opt for the latter.

Some 44% of consumers surveyed defined value for money as "something which is good quality" whereas only 13% defined it as "the cheaper option".

Demonstrate ethical and sustainable thinking

Sustainability is climbing the agenda for modern consumers. The research showed that 79% of consumers agree, or strongly agree, that a venue's sustainable practices have become more important than a year ago.

Some 42% of the consumers surveyed would recommend sustainable venues to family and friends

A little goes a long way

64% of consumers agreed that being able to try new food items enhanced their overall going out experience and 91% described having new or different food choices as being "more important" to the overall eating experience compared to last year.

Establishing innovative collaboration with suppliers

53% of venues are considering working with fewer suppliers or rationalising their supply bases, according to the research. When asked how suppliers could help food and drink operators, 74% of respondents said this could be done through competitive pricing.

The full report explores how operators can grow more lucrative relationships with suppliers in the face of rising costs.

Anna Massey, strategy director at Omne, said "These are challenging times for food and hospitality businesses. But as this report shows, when the market changes, new opportunities for growth emerge and there is a clear opening for the businesses who focus on consumer's growing desire for ‘new'. New menu options, new experiences and a renewed approach to sustainability."

To access the full insight click here to download the full report.

Shutterstock Photo ID: 2037387536

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