Welcome to Extreme Investor Network, your go-to source for all things personal finance! Today, we’re diving into how consumers are navigating the rising cost of dining out, and how you can still enjoy restaurant meals without breaking the bank.
According to a recent survey by Lightspeed Commerce Inc., 81% of Americans are dining out at least once a month, with 31% indulging in restaurant meals once a week or more. While inflation has impacted food prices, consumers are turning to takeout, value meals, and happy hour deals to make dining out more affordable.
Lightspeed CEO Dax Dasilva emphasizes the importance of value for diners, stating that consumers are seeking enjoyable dining experiences at a reasonable price. With 1,500 Americans surveyed in May, it’s clear that despite the economic challenges, people are finding ways to continue dining out.
Rising meal prices and “shrinkflation” – where portions decrease while prices remain the same – are being noticed by 69% of diners. However, nearly half of respondents are still dining out at the same rate or even increasing their visits. Ted Jenkin, CEO of oXYGen Financial Inc., suggests that consumer behavior post-pandemic is driven by a desire to enjoy life in the present moment.
To make dining out more budget-friendly, Lightspeed’s survey found that 45% of diners are taking leftovers home, 43% are using coupons, 39% are opting for value meals, and 36% are taking advantage of happy hour specials.
In terms of tipping, 44% of consumers feel that inflation has affected their ability to tip, while the majority (73%) are unhappy with auto-tipping options on payment screens. As dining habits continue to evolve, consumers are more willing to tip delivery drivers (61%) than baristas (28%) or counter staff (19%).
To help you spend wisely when dining out, consider these tips from experts Ted Jenkin and Winnie Sun:
1. Join free loyalty clubs for perks
2. Dine out on slower nights for deals
3. Opt for two appetizers and one entree to split
4. Look for discounted gift cards on resale sites
5. Choose pickup over delivery on food delivery apps
6. Research menus and plan ahead to stay within your budget
By following these tips, you can still enjoy dining out while keeping your finances in check. Stay tuned to Extreme Investor Network for more personalized finance insights and strategies to help you achieve your financial goals.