Dinova and Technomic’s latest State of Business Dining Report unpacks new data revealing a key growth driver for restaurants facing weakening consumer sales and sentiment.
ATLANTA, Oct. 10, 2024 /PRNewswire/ — Dinova Inc., the authority in business dining, and Technomic, the leader in foodservice insights, have released the Fall 2024 State of Business Dining Report, offering exclusive insights and tips for restaurants that stand to profit from a recent surge in business travel.
“Our proprietary corporate cardholder data shows 14% year-over-year growth in business dining spend, which correlates with a recent surge in business travel,” said Dinova CEO Alison Quinn. “This is welcome news for restaurants as consumers hit the price ceiling because there is a striking difference between consumer and business dining behaviors.”
Consumer restaurant sales have plateaued, and Technomic noted negative average YOY growth for full-service (-1.5%) and limited-service (-1%) restaurants. Meanwhile, business travel spend is expected to reach a record-breaking $1.48 trillion by year’s end. Business dining is among the top expense categories, representing an estimated $245 billion global market.
The report’s other key trends and insights include:
- A breakdown of business traveler dining spend by industry
- Business traveler personas and their dining preferences, based on interviews with professionals in Dinova’s corporate program
- How business dining spend compares across key markets
- The most popular cuisine types among today’s business diners
“While our State of Business Dining Report no longer focuses on post-COVID business dining recovery, restaurants of all kinds should continue to monitor business dining patterns and preferences as attracting this segment has become critical to profitability and growth,” said Quinn. “We hope these latest insights will provide restaurants with the strategic guidance needed to navigate a challenging landscape.”
Visit dinova.com/dining-report to download the free report.
Dinova is the business dining solution that delivers spend visibility and savings for companies while also driving growth for restaurants. Learn more at www.Dinova.com.
Contact: Laura Saunders
(888) 346-6828
[email protected]
SOURCE Dinova, Inc.
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Originally published at https://www.prnewswire.com/news-releases/new-report-highlights-opportunities-for-restaurants-as-business-travel-accelerates-302272956.html
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