54% of Australian consumers have admitted to reducing dining out, reported research company, Datamonitor.
Datamonitor’s report, ‘Five Key Consumer Issues for Australian Retailers Post-Recession: Defining the ‘New Normal’ for Retailers’ details that Australian consumers are looking to place relationships with friends and family as a priority in their lives, with 46% wanting to prioritise friends and family over their own commitments. This priority leads to consumers preferring to socialise in an at-home environment more often, rather than in restaurants and bars.
“Australians remain budget conscious, and are increasingly looking for cost effective ways to socialise with friends and family. This is resulting in consumers cutting back spend in places such as bars and restaurants and enjoying food and drinking occasions at-home,” said Michael Hughes, consumer consultant at Datamonitor.
While 54% of the respondents have reduced dining out, 15% said that they will share a beverage three times a week, at home or at a friend’s house.
“Although consumers are entertaining at-home more regularly, they are reluctant to compromise quality associated with out-of-home occasions such as trips to restaurants. As such, they will trade up to buy premium food and drink when entertaining at-home, in order to offer moments of indulgence in a more cost effective manner,” said Hughes.