Bars and restaurants are deeply ingrained in the social fabric of US consumers. One in three users claim that they would feel lost without the On Premise. For brands, bars and restaurants play a crucial role in reaching people and capturing market share.
Despite current inflationary pressures, there appears to be little impact on people’s visitation to bars and restaurants or their spending habits. Over one in three American drinkers plan to go out more often in 2024 compared to last year, and 42% still aim to maintain the same frequency of outings as they did last year. People seem to be reluctant to forego the opportunity to socialize over drinks and view drinking out as an affordable luxury worth preserving. Intentions to go out specifically for drinks have increased by +2pp, with 48% of consumers planning to enjoy drinks outside in the next month.
Consumers are certainly aware of rising prices. In the coming months, 53% and 41% expect them to be the main reason for spending more on food and on drinks respectively. Yet, many also anticipate increased spending as a form of treat. 31% admit to indulging themselves more frequently, while roughly a quarter opt for higher quality food and premium drink brands or are celebrating special occasions more often. Interestingly, about one in five attribute their increased spending to having more disposable income or enjoying more drinks during their outings.
Continue reading the full report here.
There is an encouragingly positive outlook for the American On Premise sector, albeit one characterized by complexity and nuance. Opportunities abound, especially within the spirits category. Brands, suppliers, and operators simply need to meticulously analyze granular data to ensure they are investing wisely in the right categories and sub-categories, within the appropriate channels.”
CGA’s OPM solution delivers in-depth intelligence on the spirits and beer categories across the US On Premise, with expert analysis by channel, sub-category, state and much more. To discover more about the service and opportunities for bespoke analysis, contact Drew Hummel here or visit https://cgastrategy.com/unlock-the-potential-of-opm.
Originally published in Global Drinks Intel magazine
