A new report authored by Rabobank’s global Food & Agribusiness Research and Advisory group claims that by 2018 spending on food away from home in the US will exceed spending on food at home for the first time.
The study attributes the growth to the “unstoppable rise” of quick service restaurants (QSRs) or fast food outlets in the US, especially given the sector’s success in weathering economic downturns, managing input costs, and responding to changing consumer tastes.
Although there was a temporary emphasis on eating more at home during the 2007-2009 recession, Rabobank says that proved to be a blip.
Contrary to some views, Rabobank believes that the US market has not reached a turning point in consumer habits or a move back to thrifty habits and home cooking; noting that it would take a 'cultural sea change' to completely reverse consumer behaviour and preference for dining out.
As such, Rabobank predicts restaurants will continue to take an increasing slice of the US consumer food dollar, with leading QSRs being the particular beneficiaries of consumers’ growing preference for eating out versus at home.
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