Dinova Inc., the authority in business dining, and Technomic, the leader in food service insights, have released the Q2 2022 Business Dining Report covering the top trends including the work from home debate, resurgence of in-person events and impact inflation will have on consumer spending behavior.
“The restaurant industry has gone through a period of disruption unlike anything we at Technomic have seen and significant headwinds continue on with inflation as a top concern,” stated David Henkes Senior Principal and Head of Strategic Partnerships at Technomic. “As consumer traffic starts to soften with the imminent economic changes, we expect business dining to continue to grow and accelerate.”
By incorporating Technomic’s comprehensive restaurant data for context, this report highlights where business dining behaviors, recovery and trends compare to the consumer market. A few key findings include:
- The Global Business Travel Association April 2022 online poll reveals 9 in 10 (94%) of travel managers said their company’s employees were ready work travel.
- 88% of travel managers and suppliers also said their corporate travel bookings had increased over the past month.
- As many workers continue to work remotely, business dining spend is more distributed and less limited to major metropolitan areas
- San Francisco market lags far behind Los Angeles, among the healthiest business dining markets, in terms of recovery.
- Stalled return-to-office plans could be to blame for New York’s sluggish recovery.
- By the end of the year, the Business Dining Index could reach 96 — its highest point since before the pandemic, just 4 points shy of a full recovery
“We want to equip restaurants with data to stay ahead of the curve. This report offers a unique glimpse into different facets of the coming rebound and what the industry can expect going forward,” says Alison Quinn, CEO of Dinova. “We will continue to monitor and report on the impact of remote and hybrid work, but our analysis is showing an uptick in business travel and progress for full recovery in business dining sales by end of year.”
By comparing Technomic’s quarterly foodservice data to Dinova, which looks specifically at business dining recovery, the report unveils how business dining recovery compares to overall recovery. The full report can be found here: www.dinova.com/dining-report.
Dinova is constantly tracking business dining trends to feed its innovative platform that drives restaurant profitability and broadens corporate benefits. Historically an unmanaged travel expense, Dinova provides exclusive access to the only business-grade restaurant network, currently at 20,000+ locations, and a broad range of data and insights that unfold into B2B marketing strategies driving growth for restaurants and conversely, make dine-in network meals count. For more information on T&E innovative products and services, please visit www.Dinova.com.
Technomic Inc., a Winsight company, was founded as a management consulting firm in 1966. Since then, Technomic’s services have grown to encompass cloud-based B2B research tools, consumer and menu trend tracking and other leading strategic research and analytic capabilities, to prioritize and size business opportunities. Our clients include food manufacturers and distributors, restaurants, retailers and multiple other business verticals aligned with the food industry that are looking to make informed decisions to support their business growth. Visit Technomic at www.technomic.com.