It’s comes as no surprise that consumer confidence amidst COVID-19 is a bit shaky. However, there’s some good news: Even with a dip in confidence, the consumer is still open to restaurant services. People are concerned. Consumers are worried about their health and the health of their loved ones. However, according to a recent survey, 33% of Americans are very concerned while 21% are not concerned at all. Yes, there’s two sides.
I think you’ll find that as time goes on, the concern for economic recovery and job employment will become more of a concern than COVID-19. Consumers are targeting food delivery, takeout, snacks, and fitness. Since the virus hit, things are reopening and becoming more “normal.” There’s also been a uptick in fuel prices since the virus first hit back in February. Fuel prices in the beginning of COVID-19 were down to $1.35. Where now, fuel prices are averaging a little over $2.00 in some states. These are all small yet positive signs that the demand still exist.
Consumer Demand And New Services and Products
When COVID-19 hit, consumers were forced to adopt new ways of living. This included increased online shopping, food delivery services, and an increase use of technology. The general consensus is that these adopted trends will convert consumers into indefinite users. So, what does this mean for the restaurant industry and consumer confidence amidst COVID-19?
A survey conducted by McKinsey & Company shows 40-60% of consumers will likely continue the services they adopted during COVID-19. It takes about 2 months for a habit to form into a routine. What the consumer adopted amidst COVID-19 may continue. Technology is a convenient way to get food and beverages without risking your health.
To conclude, the U.S. remains more optimistic than its neighboring countries. Countries with greater optimism also have higher spending expectations.
Technology & Consumer Confidence Amidst COVID-19
Streaming content has increased. Printed content is down. 30-49% of the U.S. has turned to streaming. Online news, movies and shows have seen an increase consumption. As it relates to the restaurant industry, food delivery app usage has sky-rocketed. This is in part due to both consumer downloads and restaurant dependency.
A lot of restaurants didn’t offer take-out prior to the pandemic. These restaurants had to adopt services that assisted them in providing to their community. Unfortunately, these food delivery services come at cost, with apps like Grub hub and Uber Eats acquiring 30% of the delivery profits. Making this option limited to high traffic restaurants.
We’ve learned a great deal from this pandemic. One of the lessons is that the movement to go online and offer contatcless ways to order food is highly beneficial. Consumers like convenience and they like it fast, and without health risks.
Curbside Pick-up is Popular Amidst COVID-19
More than 50% of curbside pick-up users a new users. This is good for both the restaurant industry and the tech industry. If you can keep those new users and keep your regulars, as things start to work themselves out, you’ll have a fighting chance.
The Look Ahead at Consumer Confidence Amidst COVID-19
As of right now, consumer data suggests online shopping will continue to be at the top of consumer preferences. Second to that, are services that deliver any type of essentials to consumers. Staples like food and meal-kits will likely continue to see a nice revenue through summer. However, as the economy reopens, it’s important to note that these trends will ebb and flow.
One constant will be the hesitation to visit a bar or a club full of 10+ people, but really, it all depends on who you are and your willingness to control your environment or allowing your environment to control you.
Here at Fliptable, we hope all restaurants know they are not alone and that we are here to help. At a time where technology is on the rise, we are here to help find you that restaurant job and the staff you need. You don’t need to worry about meeting person after person or wiping down that interview table 50 times. You just need to place your trust into a revolutionary mobile app who’s mission is to make the job seeking and hiring in the restaurant world easier, faster, and safer. Fliptable: The evolution of restaurant staffing.