Inflation is having an influence on reward playing cards within the restaurant trade, with income up 6% yr over yr although the entire playing cards bought is down 2%.
These are findings from a Paytronix Restaurant Present Card Report: 2023 which acknowledged that whereas eating places have moved on from the pandemic, inflation is having an influence.
One other high discovering is that visitors are spending extra by buying higher-value playing cards, in accordance with a press launch.
“Present card buying seems to reflect that of loyalty visitors. Our analysis reveals that loyalty visitors’ checks match inflation. From the start of 2020 to the current day, restaurant loyalty visitor verify measurement grew in tandem with menu costs,” Paytronix Technique and Analytics Director Kirstin Lynch mentioned within the launch.
Whereas a number of the change will also be attributed to buyer choice and an general shift in shopper habits from quick-service eating places to full-service eating places, some is pushed by restaurant entrepreneurs.
“Manufacturers themselves could also be influencing the development of upper worth playing cards by solely promoting higher-value playing cards or by making decrease worth playing cards much less out there,” Lynch mentioned within the launch.
Extra findings embrace:
- Common {dollars} loaded per reward card elevated 8% from 2021.
- Digital playing cards outperformed bodily playing cards when it comes to worth, with the common digital card loaded $82 extra at a fine-dining institution than a comparable bodily card.
- Third-party retail gross sales grew, whereas in-store gross sales dropped, indicating a channel shift.
“High quality-dining reward card gross sales haven’t solely recovered fully from the pandemic, they’ve additionally been the one idea to see a rise over 2019 numbers. This means a channel shift in shopper preferences — as visitors emerge from the pandemic, they like to reward experiences at fine-dining institutions,” Lynch mentioned within the launch.
The Paytronix technique and analytics group analyzed over 35 million reward card transactions price over $2.2 billion to entry the info discovered within the Paytronix Restaurant Present Card Report: 2023.
