Research conducted by Censuswide on behalf of global payments company Square found that 60% of Millennials had increased the number of times they dine out in London over the past 12 months, compared with an average of 44%.
Alongside this, 49% of respondents said the amount they are willing to spend when they dine out had increased over the last 12 months, rising to 60% across Millennials.
The data also reveals that the average diner eats out just over once a month (3.7 times per quarter), and about one in six diners (16%) eat out at least twice a month (seven times or more per quarter). The research has also found the top boroughs for eating out are Hammersmith & Fulham, where diners eat out 5.5 times per quarter, Camden (5.4 times), Sutton (4.8 times), Wandsworth (4.6 times), and Islington (4.6 times).
When it comes to getting customers to return to a restaurant, the most important factors are price and affordability (53%); consistent quality of food (52%); and service quality (47%). Service quality matters differently to different generations, with 54% of Millennials citing this as an important factor, compared to only 40% of Gen Z, to whom price and consistent quality matters more.
Nearly half (46%) of respondents said they wouldn’t dine at a restaurant if there was a maximum seating time, and word of mouth was cited as the most popular way to finding places to dine out (42%). Sustainability is coming up as a key factor to consider, with half (51%) of Millennials saying they choose a restaurant based on whether it is farm-to-table, compared to only 17% of Boomers who say the same.
“The outlook for restaurants is positive, with London diners choosing to dine out more than last year,” says Matt Gillet, head of UK business at Square.
“But there are certain factors for restaurant owners to consider as they continue to navigate economic headwinds. We know that most food and beverage businesses are optimistic about the future of their business, with plans for growth and expansion, but they need to prioritise evolving customer habits and tap into the needs of different demographics to continue surviving against rising costs of food, supplies, energy and staff.”
The research was conducted with 1,005 respondents in London who spent £25-£35 per head or more for a main course, drink and dessert or side at least once a year.