FPI Annual Briefing 2022: Five takeaways for UK restaurants

At the FPI annual briefing 2022, inflation was revealed to have reached 19.9% in October. By November, for the first time in the history of the Index; foodservice price inflation had exceeded 20%, marking the 10th consecutive month of double-digit inflation.

However, Shaun Allen, CEO at Prestige Purchasing, says he expects inflation to begin to level off in December, with a gradual decline commencing in the New Year as the impacts of the less challenging upstream influences and year-on-year effects begin to feed through into the Index.

According to a CGA survey of 1,178 UK and Irish consumers, 69% either agreed or strongly agreed with the statement: "Eating and drinking out is the treat I most look forward to."

And despite small drops of 4% and 8% respectively compared to September, eating and drinking out was revealed to be "the main way" that 58% of respondents socialise with others, and a "fundamental activity" for 45%.

Affordability is obviously a big consumer talking point due to the cost-of-living crisis, yet 48% of respondents still agreed with the statement: "Eating and drinking out is an affordable treat for me."

While the majority of UK and Irish respondents were either satisfied or very satisfied in the past month with the quality of their foodservice experiences (including food, drinks, service and overall experience); only 50% were satisfied in terms of 'value for money'.

In terms of 'value for money' among UK consumers when eating out, CGA found both "a good deal" and "something that is good quality" were the top two answers among 996 survey respondents (41% and 40% respectively).

It also found that 'cheaper' doesn't equate to value for money among respondents, with only 16% agreeing that "something on offer/discounted" delivers value, and 14% viewing "a cheap option" within hospitality as value for money.

Food trends were also discussed at the FPI annual briefing 2022, with 48% of UK consumers said to be willing to try premium fish and chips.

This was followed by modern British cafés/new 'greasy spoons' (39%) which, as we've recently discussed at length, are very much part of the rise of nostalgia-driven comfort food trends in the UK, pioneered in London by the likes of Norman's Cafe.

Seaweed also finds itself high up the list, with both health and sustainability credentials, coupled with the mainstream success of Japanese Cuisine in the UK, helping increase interest among consumers.