You know it’s a competitive foodservice market when consumers begin to think twice about investing in a Big Mac. “We are seeing in some places resistance to pricing,” McDonald's CEO Chris Kempczinski said regarding sales during a company earnings call in April. Kempczinski noted McDonald's is seeing “pressure” due to cost-conscious customers balking at higher menu prices.
According to the National Restaurant Association, 92% of restaurant operators say the cost of food is a significant issue for their restaurant. Fortunately for the foodservice sector, consumers crave the restaurant experiences, with 84% of consumers saying that going to a restaurant with family and friends is a better use of their time than cooking and cleaning up.