4th March 2018
Casual dining operators in the UK have been urged to “instil confidence in value for money” as more than four-fifths (81%) of consumers claim to be increasingly cautious of their finances, according to Morar HPI’s Consumer Compass.
The company said it was imperative operators in the UK connected with customers to consider drivers and motivations from their financial point of view. It said operators were going to have to work harder, with targeted marketing going a “long way to acquiring and retaining customers”.
The study identified four customer groups based on their attitudes and behaviours around financial risk and purchasing.
The largest group (36%) is “Cautious”, which is careful regarding spending and saving a bit more; followed by “Squeezed” (31%), who are buying cheaper brands or shopping in less expensive places. The third group is “Insulated” (19%), who don’t feel overly affected by problems in the economy; followed by “Sufferers” (14%), who have cut expenditure because they are worried about the future.
Morar HPI said no matter which group an individual belonged to, the thought process remained the same – if a consumer believed a product or offer was “essential”, they would continue to buy it regardless of their economic outlook.