Pricey Restaurants Means More People Eating At Home

category:

By Cooking Panda

It’s not only the fast food industry that’s seeing stale growth in recent years — the restaurant industry as a whole is struggling with overcoming stagnation. In fact, Americans today are cooking or eating in much more often than they were just a few years ago.

According to CNBC, one-third of U.S. adults are eating out less than they were three months ago, even. A Reuters/Ipsos survey asked more than 4,200 of these adults about the reason behind their eating out less, and 62 percent of them said that cost was their main reason.

Some restaurants are said to have raised their prices somewhat due to recent minimum wage increases, which haven’t affected grocery stores as harshly, meaning the gap in price between eating out versus staying in and buying groceries is growing much larger. That’s not even to mention new industries like the groceries-delivered-to-your-door popping up. Think of places like Blue Apron and Hello Fresh. They charge around $60 for a week’s worth of food for two people (depending on the company and service you choose) and deliver fresh, healthy ingredients right to your home. How’s that for both price and convenience? It makes you almost feel bad for the restaurant industry.

Annual traffic has been reported to have only increased 1 percent since the 2 percent drop from the recession back in 2009. However, although many are opting for eating in rather than eating out, grocery stores aren’t seeing quite the growth that these numbers would have us believe.

Mostly likely the companies that are going to see the biggest growth in the overall food industry are those like Domino’s and Panera, who make ordering food just so convenient. Take Panera’s rapid pick-up service, for instance. You can order online before you head out and then just grab it from the shelf and keep going. The only thing more convenient is having pizza delivered to your door.

Related  Snooty Restaurant Survival Guide: How To Decipher Pretentious Menus

These findings are all very interesting, and it will be even more interesting to see how the food and restaurant industries will innovate to keep up.

Source: CNBC / Photo Credit: Chili's Bar & Grill/Instagram

Tags: Food Industry, Grocery Stores, restaurants
related articles