The Dining Forecast: Tracking how restaurants are leveraging data to adapt to changing consumer behavior
It goes without saying that the restaurant industry has been hit hard over the past seven months. Many are unsure what the future holds for in-person dining, or what they should be doing to adapt to the current conditions.
To ease some of this uncertainty, we teamed up with location technology platform Foursquare to create a clear, comprehensive picture of the dining landscape. In combining our respective datasets, we found that restaurants are surviving, but not thriving. We also saw that certain dining experiences are better positioned for growth than others.
Our analysis includes sandwich shops, coffee shops, drive thru's & QSRs, casual dining, and pizza chains. The full report, which provides details on specific brands, can be accessed for free here.
Below are a few high-level takeaways:
– Even with restaurants' mobile usage soaring, it does not appear to be enough to fully combat the impact of the pandemic on brick-and-mortar operations.
– Sandwich shops are performing well in 2020, with much smaller declines in foot traffic than other dining categories, and significant upticks in mobile app usage.
– Coffee shops are performing well in 2020 with larger relative declines in foot traffic since COVID-19 than other dining categories, plus slight declines in mobile app usage.
– While hit less hard in terms of foot traffic than casual dining restaurants, quick service restaurant visitation is still below pre-pandemic levels. Mobile app usage, however, is on the rise.
For details, charts, and an explanation of how to leverage multiple datasets for business growth, download the full report here. Or, click that big blue button below to see how your favorite food chains are performing amid the pandemic.