Weekly Roundup – Week of 7.8.24
July 12, 2024
Find the latest food and beverage industry stories and trending topics of the week – all curated by our team of strategists and food enthusiasts:
Consumer Insight: Premium Prices Correlate To Premium Dining Experiences
“Consumers are seeking premium experiences to justify the rising costs of dining out,” according to Forrest Morgeson, associate professor of marketing at Michigan State University and director of research emeritus at the American Customer Satisfaction Index (ACSI). Morgeson notes that restaurants’ ability to maintain and improve these elements has led to higher customer satisfaction. With consumers spending 5% to 10% more on meals than two years ago, they expect more value in return. Customer satisfaction with full-service restaurants has increased by 4% year over year, with ACSI rating overall satisfaction at 84 out of 100. The highest-rated aspects of the dining experience are food order accuracy (92) and waitstaff courtesy and helpfulness (90). Read Story.
New Ban On BVO Affects At Least 600 Food and Beverage Products
The U.S. Food and Drug Administration (FDA) banned the use of brominated vegetable oil (BVO) in foods and beverages, declaring the ingredient unsafe. BVO, an oil modified with bromine, was previously permitted in small amounts, primarily to stabilize citrus flavoring in beverages. This decision follows collaborative studies with the National Institute of Health, which revealed adverse health effects from BVO. The ban will take effect on August 2, giving companies a year to reformulate, relabel, and stop selling products containing BVO. While many popular soda brands have already phased out BVO, around 600 food and beverage products still contain it, according to the U.S. Department of Agriculture. Learn More.
Independent Convenience Store Retailers Experience Notable Growth
C-Store Dive analyzed NACS and NielsenIQ data from the past three years and highlighted its findings in a new article this week. The convenience store industry in the U.S. has seen remarkable growth for the second consecutive year, increasing by 1.5% in 2023 to a total of 152,396 stores. This growth is largely driven by independent operators, with single-store operators making up a significant portion of the increase. C-Stores have become a lifeline for food, snacks and other items in a quick and easy format. And some companies are focused on being seen as a restaurant just as much as — if not more than — a gas station. Read Article.
Ice Cream Innovation Heats Up The Cold Case
As highlighted in the Hartman Group article, according to Instacart’s internal sales data, ice cream deliveries increase by 22% per customer in July, National Ice Cream Month. Brands are leveraging cultural trends and collaborations. Premium brands thrive on novelty, with 62% of consumers enjoying premium snacks weekly. Traditional flavors such as vanilla and chocolate remain favorites, but innovative flavors are making a splash. The “swicy” trend continues with global flavors like cardamom gaining popularity. Get a scoop of more ice cream insights, Here.
Taco Bell Unveils Boomer-Like Experiences For Patrons Of All Ages
Taco Bell is set to launch “The Cantinas,” a two-day event in San Diego, California, on August 17-18, exclusively for Taco Bell Rewards Members over 21. This unique experience, described as an “early retirement community,” offers weekend memberships and day passes, featuring activities typical of senior retiree life, such as recreation, shopping, and dining. Building on the success of its 2019 pop-up hotel, Taco Bell aims to unite patrons of all ages with this latest immersive activation. Read More.
Come back next week for more industry insights and trending stories!
