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1、November 20233 Trends Shaping theDining IndustryThis report leverages the latest location intelligence data toidentify three dining trends that will shape the dining industryin 2024.1Table of ContentsDigging Into Dining3Stepping Up To The Plate3Shifting Demographics and Shifting Dining Behavior4Youn

2、ger Customers Staying Out Later5Smoothies Drive Weekend Visits6Sports and Dining-Match Made in Heaven7Scoring Big:Leveraging Fan Insights to Fuel Successful Partnerships8College Gameday-Wins for Dining9Game Day Visitor Spikes10Subwars:Room for Everyone11Sandwich Chains Attract a Wide Consumer Base12

3、So Whats The Dining Space Cooking Up?13Key Takeaways13 2023 Placer Labs,Inc.|More insights at placer.ai|2Digging Into DiningThe dining industry showcased its agility over the past couple of years as it rapidlyadapted to shifts in consumer preference brought on by COVID and rising prices.Andwith a ne

4、w year around the corner,the pace of change shows no signs of slowingdown.This white paper harnesses location analytics,including visitation patterns,demographic data,and psychographic insights,to explore the trends that will shapethe dining space in 2024.Which dining segments are likely to pull ahe

5、ad of the pack?How are chains responding to changes in visitor behavior?And where are brandsdriving dining foot traffic by taking advantage of a new advertising possibility?Readon to find out how dining leaders can tap into emerging trends to stay ahead of thecompetition in 2024.Stepping Up To The P

6、lateComparing quarterly visits in 2023 and 2022 highlights the impact of the ongoingeconomic headwinds on the dining industry.The year started offstrong,withyear-over-year(YoY)dining visits up overall in Q1 2023 perhaps aided by thecomparison to an Omicron-impacted muted Q1 2022.And while overall di

7、ning growthstalled in Q2 2023,several segments including QSR,Fast Casual,and Coffee continued posting YoY visit increases,likely bolstered by consumers trading downfrom pricier full-service concepts.Foot traffic slowed significantly in Q3 2023 as inflation and tighter consumer budgetsconstrained dis

8、cretionary spending.Overall dining visits fell 2.4%YoY,and full-servicerestaurants with their relatively high price point compared to other dining segments seemed to be particularly impacted by the wider economic outlook.But the dataalso revealed some bright spots:Fast Casual still succeeded in main

9、taining positiveYoY visit numbers and Coffee saw its Q3 visit grow an impressive 5.4%YoY.As thereturn to office continues,a pre-work coffee run or lunchtime foray to a fast-casualchain may continue propelling the two segments forward.2023 Placer Labs,Inc.|More insights at placer.ai|3Shifting Demogra

10、phics and Shifting Dining BehaviorRestaurant visitation patterns have evolved over the past few years.Although an 8 PMseating was once the most coveted slot at fine-dining restaurants,recent visitationdata suggests that sitting down to dinner earlier is rising in popularity.But among the QSR segment

11、,the opposite trend is emerging,with late-night visitsrising.Analyzing hourly foot traffic to several major QSR chains reveals that the shareof visits between 9 PM and 12 AM increased significantly between Q3 2019 and Q32023.Even Taco Bell already known for its popularity among the late-night crowd

12、saw a substantial increase in late-night visits YoY from 15.4%to 20.3%.2023 Placer Labs,Inc.|More insights at placer.ai|4Younger Customers Staying Out LaterWho is driving the late night visit surge?One reason restaurants have been expandingtheir opening hours is to capture more Gen-Z diners,who tend

13、 to seek out nighttimedining options.But location intelligence reveals that younger millennials are alsotaking advantage of the later QSR closing times.An analysis of the captured market for trade areas of top locations within one of TacoBells major markets the Chicago-Naperville-Elgin,IL-IN-WI Metr

14、opolitan area reveals a year-over-four-year(Yo4Y)increase in“Singles&Starters.”The“Singles&Starters”segment is defined by Experian:Mosaic as young singles and starter familiesliving in cities who are typically between 25 and 30 years old.As consumers continueto prioritize experiential entertainment

15、and going out with friends,late-night diningmay continue to see increased interest from young city-dwellers.2023 Placer Labs,Inc.|More insights at placer.ai|5Smoothies Drive Weekend VisitsMillennials and Gen-Z consumers arent only heading to their favorite fast food jointfor a late-night bite these

16、audience segments are also helping drive visits on theweekends.Smoothie King is one chain feeling the benefits of young,health-consciousconsumers.The chain,which opened in New Orleans,LA,in 1973 as a health food store,has sincegrown to over 1,100 locations nationwide and is currently expanding,focus

17、ing on theDallas-Fort Worth CBSA.The areas Smoothie King venues have seen strong visitationpatterns,particularly on the weekends weekend visits were up 3.4%YoY in Q3 2023.The smoothie brands trade areas in the greater Dallas region is also seeing a YoYincrease in weekend visits from“Young Profession

18、als”defined by the Spatial.aiPersonaLive dataset as“well-educated young professionals starting their careers inwhite-collar or technical jobs.”2023 Placer Labs,Inc.|More insights at placer.ai|6Sports and Dining-Match Made in HeavenWhile some dining chains are appealing to the late-night or weekend c

19、rowd,othersare driving visits by appealing to sports lovers.How have recent rule changes aroundstudent athletes changed the restaurant game,and how can college football teamsdrive business in their hometowns?Scoring Big:Leveraging Fan Insights to Fuel Successful PartnershipsCollege sports have long

20、been a major moneymaker,with top-tier teams raking inbillions of dollars annually.And as of 2021,college athletes can enjoy a piece of the 2023 Placer Labs,Inc.|More insights at placer.ai|7significant fan following of college sports thanks to the change in the NCAAs Name,Image,and Likeness(NIL)rules

21、,which now allows student athletes to signendorsement deals.Since then,multiple restaurants have jumped on the opportunity to partner withstudent athletes,some of whom have millions of followers on Instagram and TikTok.Chains like Chipotle,Sweetgreen,Slim Chickens,and Hooters have all signed college

22、athletes to various brand deals.How can brands ensure they partner with athletes their customers will want toengage with?Analyzing a chains audience by looking at the interests of residents in agiven chains trade area can reveal which type of athlete will be the most attractive toeach brands custome

23、r base.For example,data from Spatial.ai:Followgraph providesinsight into the social media activity of consumers in a given trade area and canhighlight desirable partnerships.Examining the trade areas of Chipotle,Sweetgreen,Slim Chickens,and Hooters,forinstance,reveals that Sweetgreens visitors tende

24、d to have the largest share ofWomens Soccer followers.Conversely,Sweetgreens trade area hadlower-than-average shares of College Football Fans or College Basketball Fans,whileresidents of the trade areas of the other three chains showed greater-than-averageinterest in these sports.Leveraging location

25、 intelligence can help companies choosebrand deals that their customers resonate with and find the ideal athletes torepresent the chain.2023 Placer Labs,Inc.|More insights at placer.ai|8College Gameday-Wins for DiningFinding the right college athlete partnership is one way for dining brands to appea

26、l tocollege sports enthusiasts.But dining chains and venues located near major collegestadiums also benefit from the popularity of their local team by enjoying a majorgame day visit boost.One of the countrys most popular college football teams,the Ohio State Buckeyes,can draw millions of TV viewers,

27、and its stadium has a capacity of 102,780 one of thelargest stadiums in the country.And while tailgating is a popular activity for Buckeyesfans,nearby restaurants are some of the biggest beneficiaries of the college footballcraze.Panera experienced a 235.3%increase on game days as compared to a typi

28、calday,Dominos Pizza visits grew by 283.3%,and Tommys Pizza,a local pie shop,saw itsvisits jump by a whopping 600.9%.2023 Placer Labs,Inc.|More insights at placer.ai|9Game Day Visitor SpikesThis influx in diners also causes a major shift in game day visitor demographics,asrevealed by changes in visi

29、tors at dining venues located near stadiums of two of thenations best college football teams the Ohio State Buckeyes and Ole Miss Rebels.Based on Spatial.ai:Personalive data for the captured market of these dining venues,game day visitors tended to come from“Ultra Wealthy Families”when compared tovi

30、sitors during a typical non-game day in September or October.2023 Placer Labs,Inc.|More insights at placer.ai|10The analysis indicates that popular sporting events create a unique opportunity forrestaurants near college stadiums to attract high-income customers game day aftergame day,year after year

31、.Subwars:Room for EveryoneWhile some spend game day tailgating or visiting a college restaurant,others hold aviewing party with a six-foot submarine.And the subs popularity extends beyond 2023 Placer Labs,Inc.|More insights at placer.ai|11Superbowl Sundays.Sandwich chains including Jersey Mikes,Fire

32、house Subs,JimmyJohns,and Subway(recently purchased by the same company that owns JimmyJohns)have seen sustained YoY increases in visits and visits per venue in the firstthree quarters of 2023.Some of the growth to these chains may be related to their affordability,a draw at alltimes but especially

33、during a period marked by consumer uncertainty and rising foodcosts.And subway leaders seem to be seizing the moment and striking while the ironis hot Jersey Mikes opened 350 stores in 2023 and still saw its YoY visits per venuegrow by 6.6%.And Subway reported ten consecutive quarters of positive sa

34、les,apromising sign for its new owner.Sandwich Chains Attract a Wide Consumer BaseThe love for a healthy,affordable sandwich extends across all income levels,with allfour chains seeing a range in their visitors median household income(HHI).Out ofthe four chains analyzed,Jersey Mikes which has long p

35、rioritized a suburban,middle-income customer had the highest trade area median household income ofthe four chains at$77.3K/year.Subway,known for its affordability,had the lowest,2023 Placer Labs,Inc.|More insights at placer.ai|12with$62.9K/year.The variance in median HHI combined with the strong foo

36、t trafficgrowth shows that when it comes to sandwiches,theres something for everyone.So Whats The Dining Space Cooking Up?Persistent inflation and declining consumer sentiment may pose serious challengesfor the dining space,but emerging trends are helping boost some restaurants.Customers seeking out

37、 a late-night bite drive visits to QSR chains,andhealth-conscious diners are boosting foot traffic to smoothie bars and sandwichshops.Meanwhile,sports sponsorships and game-day restaurant visits can provide aboost to dining businesses that take advantage of these opportunities.Key Takeaways1.Younger

38、 Consumers Drive Late Night QSR Visits:QSR leaders have seen anincrease in late-night and weekend visits,partially driven by the unique dining 2023 Placer Labs,Inc.|More insights at placer.ai|13habits of Gen-Z and millennial consumers.As this cohort continues to prioritizesocializing,these trends ar

39、e likely to continue shaping the QSR space in 2024.2.Sports Brings in the Visitors:Restaurants that take advantage of the NCAArule change allowing college athletes to enter into brand deals can boost visitsby identifying sponsorship opportunities that will engage their consumer base.And restaurants

40、nearby college stadiums see major game day boosts fromdesirable audience segments.3.Sub Sandwiches See Sustained Success:Major sandwich chains haveexperienced strong visit growth during a period that has proven challengingfor many dining establishments.And many of these chains are expanding,fueled by strong visits and an engaged customer.2023 Placer Labs,Inc.|More insights at placer.ai|14