Recent analysis by Meaningful Vision reveals how leading fast-food chains are adapting to the evolving preferences of their customers, primarily through a focus on Meal Deals and Limited-Time Offers (LTOs). Limited Time Offers or seasonal items (available for less than 3 months) are increasingly prominent on menus, with their share growing by 12% in the last year. Burger restaurants, Coffee shops and Bakeries utilise LTOs and seasonal offers most intensively.
50% of all LTOs are offered at a special price, while the bulk of recently introduced LTOs have been Meal Deals. According to Meaningful Vision’s data, Meal Deal LTOs have witnessed a substantial increase, nearly doubling in number and now comprising 20% of all LTOs, closely followed by cold drinks at 18%, and Cookies and Cakes at 16%. Most of the available Combo Meal LTOs are offered by Burger and Pizza chains.
The majority of LTOs fall within the £2-3 and £4-5 range. Despite an approximate 13% price inflation rate in the sector for the year, the average price of LTOs has decreased by 15% during the same period as operators look to provide better value for money to customers. Additionally, a noticeable decline in LTOs priced over £10 was witnessed – from 7% to 3%, while those in the <£5 range have increased their menu share from 63% to 71%.
Maria Vanifatova, CEO of Meaningful Vision, observes, “Trends in the menus of the UK’s top fast-food chains reveal operators are reacting to consumer demands for better value amidst mounting pressure on the public’s finances. As consumer preferences evolve, and economic challenges persist, the use of Limited-Time Offers and Meal Deals have emerged as key strategies for fast-food outlets seeking to attract and engage customers. Price Promotions and Combo Meals stand out as the most popular tools deployed in response to current market conditions. Introducing innovative new offers can revitalise product demand and give traffic a boost. Understanding your competitors’ strategies and tactics helps operators to run their businesses more efficiently and remain ahead of the pack.”
Read the full story here.
