The Rising Influence of Meal Deals in the APAC's Restaurant Industry Amid Economic Challenges

• According to GlobalData, meal deals, offering a combination of items at a lower price, have emerged as a significant part of the QSR industry in the Asia-Pacific (APAC) region.
• These deals cater to consumers seeking affordable, convenient, and high-quality lunch options, especially during economically challenging times.

A report cites insights from GlobalData and focuses on the rise and resilience of meal deals in the quick-service restaurant (QSR) industry, especially in the Asia-Pacific (APAC) region. The key analysts quoted are Bokkala Parthasaradhi Reddy, Lead Consumer Analyst at GlobalData, Deepak Nautiyal, Consumer and Retail Commercial Director, APAC and ME, GlobalData.

Firstly, the report details that meal deals, a combination of a main item, a snack, and a beverage sold at a lower price, have become an essential part of food service offerings. These deals are particularly popular in QSR establishments and have been instrumental in attracting consumers seeking cost-effective lunch options, especially during high inflation.

Secondly, Reddy notes the resilience of the meal deal market despite economic pressures and changing work patterns in the post-pandemic era. Meal deals fulfill needs for convenience and value and are prevalent in over half of QSR menus, indicating their popularity among workers and students.

Nautiyal further elaborates on the appeal of meal deals, which extend beyond affordability to include taste, quality, variety and alignment with personal lifestyle choices. This shift in consumer preference has led to innovation in the food service sector, with operators offering high-quality meal kits or unique dining experiences.

The article also highlights the importance of meal deals among younger consumers, particularly Gen Z, who seek affordable alternatives aligning with their personal preferences and lifestyle choices. A significant portion of the 18-24 demographic, as per GlobalData's survey, indicates that their decision is always or often influenced by how well a product/service aligns with their time and money constraints.

In conclusion, Reddy emphasizes that meal deals significantly impact consumer spending behavior by providing a sense of value and affordability. As economic conditions evolve, the adaptability of meal deals will likely continue to play a crucial role in consumer dining choices. As such, food service operators must innovate and tailor their offerings to meet the evolving needs of consumers, balancing affordability with quality and convenience.