A group of guys enjoy a dinner at Cassias outdoor patio as the much loved restaurant re-opens its indoor dining and continues outdoor dining on Wednesday, May 5, 2021 in Santa Monica, CA.
Jason Armond | Los Angeles Times | Getty Images
Consumers aren’t sacrificing dining out, even with prices on the rise — but they are getting more savvy about managing those bills.
The majority of Americans surveyed, 81%, say they are dining out once a month or more and 31% say they dine out once a week or more, according to new research from e-commerce provider Lightspeed Commerce Inc.
Even though inflation has slowed significantly from its pandemic-era peak, consumers still feeling the financial squeeze are opting for takeout, value meals and happy hour deals, the report found.
The consumer price index, which gauges how fast prices are changing in the U.S. economy, shows food prices at restaurants have been growing faster than grocery store items — but finance experts have tips for stretching your dollar.
“While Americans are still dining out, they are also looking for ways to keep dining fun and affordable amidst changing economic conditions. It’s all about value for diners — they’re looking to enjoy eating out, but at a good price,” Lightspeed CEO Dax Dasilva said.
Lightspeed surveyed 1,500 Americans in May as part of an international survey that included 7,500 overall responses.
Higher meal prices and ‘shrinkflation’
U.S. diners are noticing rising prices when the server drops off their bill, with 69% in the Lightspeed survey reporting pricier meals. Some said they’re seeing “shrinkflation” in action, with 39% noticing their favorite dishes shrinking in size even as the prices remain the same or increase.
Even with a jump in prices, about half of respondents said they will continue to dine out at the same rate or increase their frequency of restaurant visits.
Ted Jenkin, a certified financial planner and CEO of oXYGen Financial Inc. in Atlanta, said consumer dining trends could be a lingering effect from the aftermath of the pandemic.
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