Value Remains a Moving Target for Restaurants

On the cusp of another earnings cycle for restaurants, the topic of “value” will, naturally, come under scrutiny. Is the industry shifting away from some of the deep discounting of the summer? Especially as costs remain elevated (up 36 percent since pre-COVID, per National Restaurant Association data from July) and margins compressed (average net profit sub-4 percent)?

Value perception trends

We will soon find out as brands start reporting late October. For now, though, William Blair’s 16th quarterly survey around engagement, digital trends, and brand affinity, unraveled which brands are earning higher value sentiment from guests and what factors are dragging perception the other direction. Check out last quarter’s here.

The percent of respondents in William Blair’s latest survey “eating out less often than last year” outpaced those eating out more often at all chains in its coverage zone, with the gap most unfavorable for The Cheesecake Factory, Chipotle, and Dave & Buster’s. On a sequential basis, all brands experienced a jump in eating out less often except Portillo’s and sweetgreen, while each showed a decrease in eating out more often on a sequential basis. There, Starbucks, Chipotle, and Shake Shack posted the biggest slides.

When asked why they’re eating less at specific restaurants, “inconvenient” topped the list for consumers visiting less often (cited by more than 70 percent of brands), followed by “too expensive” (Starbucks, Chipotle, Cheesecake Factory, and Dave & Buster’s). “Slow speed of service” was the least circled.

Consumers continued to rank the value of restaurants modestly above average at 3.3 (5 being the highest measure). On an absolute basis, Cheesecake Factory topped in value perception for the third consecutive quarter, followed by Wingstop, Chipotle, CAVA, and Portillo’s.

Sequentially, performance split. Half experienced improved value perception, paced by CAVA, Portillo’s, and Wingstop. The other saw decreased results, led by Black Rock Coffee Bar, El Pollo Loco, and Dave & Buster’s.

Restaurant engagement trends

Despite an endless flurry of macroeconomic issues, geopolitical volatility, and sticky inflation, restaurant engagement picked up sequentially this survey. Ninety-one percent of respondents said they eat out at restaurants at least a few times per month (asked in September). This was up from 86 percent in June, although down from 92 percent a year ago.

The percentage of people ordering food either a few times a week or daily was 61 percent for those under 60 compared with 37 percent over. There was also a correlation to income level, as 64 percent earning over $100,000 said they order food a few times a week or daily. Under $50,000, it was 44 percent.

And similar to last quarter, in-person was the most common form of interaction. Respondents averaged roughly 4 such visits per month, topping drive-thru (3.9), takeout (3), and delivery (2.6).

In total, respondents reported 13.6 interactions per month, down from 15 in the prior-period survey and 15.5 in September 2025.

And to note, if the average number of days represents total interactions, William Blair’s data indicates off-premises dining today accounts for about 70 percent of mix.

Relative to pre-COVID days, 40 percent or so indicated their frequency of ordering delivery and/or takeout has increased, including 17 percent claiming a significant increase; 37 percent adding it has not changed; and 23 percent saying it has decreased.

The most prevalent ordering method for takeout specifically this past quarter was in-person or over the phone (40 percent, up from 35 percent last survey). That replaced a restaurant’s digital website or app as the top choice (34 percent).

When examining preferences by age group, guests under 60 preferred ordering in-person or over the phone (36 percent), followed closely by a restaurant’s website or app (33 percent).

Among those over 60, the same two methods ranked highest, although in-person/phone ordering was more clearly preferred versus a restaurant’s website or app (52 and 35 percent, respectively).

Akin to recent quarters, when it came to delivery, third-party marketplaces reigned (35 percent). However, ordering method preferences diverged when unpacking cohorts.

Diners under 60 were most likely to order delivery via aggregators (43 percent), followed by ordering direct through a restaurant’s website or app (28 percent). For those over 60, phone and in-person (44 percent) topped, trailed by direct (36 percent), and third party (14 percent).

Ordering habits and preferences

With consumers ordering delivery or takeout, the most frequently selected reasons were “convenience and time constraints” (65 percent). Preference not to cook (24 percent) and a perception restaurant food is cheaper than buying groceries and cooking (19 percent) rounded out.

And as William Blair has throughout its surveys, it asked consumers about QR codes and other emerging ordering technologies.

While at a restaurant, 58 percent of respondents said they were comfortable using QR codes over a mobile device to order/pay (down a bit from 59 percent, survey-over-survey). The proportion of respondents comfortable with QR codes was lower for those over 60 (34 percent).

Concerning kiosks, 73 percent said they were OK navigating the menu, ordering, and paying for food through in-store devices (in line with the past quarter).

William Blair said some respondent commentary suggests QR code resistance could reflect a preference for physical menus and a desire to limit technology use during the dining experience.

“This dynamic may be less relevant for kiosks,” the company said, “which are more commonly associated with quick-service settings where ambiance plays a smaller role.”

Digital ordering and payment

Still, with the majority of surveyed consumers comfortable using QR codes and nearly three-quarters the same with kiosks, it seems likely consumer acceptance will drive more restaurant order/payment volume through digital channels in the quarters to come.

William Blair observed consumer acceptable of surcharging on bills climbing, as it has for past surveys. Only 21 percent of respondents said they would avoid restaurants that administer them (down from 23 percent in the prior edition), which remains a favorable trend, the company noted, for vendors like Toast. About 9 percent of respondents said they hadn’t noticed similar fees on checks.

And while loyalty programs continue to be at least somewhat influential on restaurant decisions for the majority of respondents (63 percent), this marked the fourth quarter share ticked down (67 percent in June, 68 percent in March, and 79 percent in December).

William Blair said the decline owes to fewer respondents viewing loyalty programs as “highly influential” in restaurant selection (26 versus 30 percent in prior survey). The share viewing them as “somewhat influential” has held steady around 37 percent.

Regarding overall spending, respondents reported average monthly figures of $193, down 8 percent on a sequential basis and 16 percent from the year-ago period. The year-over-year decline was similar to the June survey.

Spending decreased year-over-year across all income cohorts except those making $100,000–$150,000. Youngest and oldest groups increased spend as middle age declined.

The percent of respondents spending less than last year dropped 15 points to 42 percent, the lowest since December 2024. The sequential fall was primarily driven by less check management alongside improved off-premises trends.