New Tock Data Shows Strong Dining Demand for 2024 Holiday Season Despite Economic Fluctuations
CHICAGO, Sept. 25, 2024 /JamNewsWire/ — Tock, a leading reservation and experiences platform for restaurants and other hospitality providers, has shared the results today of its newest consumer survey, polling over 1,000 diners on their projected holiday dining preferences and habits.
Despite the up-and-down consumer spending patterns in 2024, the holiday season is bringing a wave of excitement among diners, with 68% of respondents planning to celebrate at restaurants or bars. Additionally, 65% are reporting they are pretty or extremely enthusiastic for the holiday season. Diners will be planning ahead this year, with 31% planning to book three to four weeks out. The expectation for advanced planning reminds hospitality operators to market holiday offerings early, while diners are making their celebratory plans.
In addition, many diners will be on the lookout for early mealtime reservations, reflecting dining trends seen over the past several years. Nearly half (49%) of respondents will be seeking a reservation during the 4 to 6 p.m. early bird timeslot. The demand for earlier reservations provides restaurants the opportunity to get creative when it comes to driving traffic for second and third seatings with memorable experiences, dynamic pricing, or late-night specials.
Results also indicate that restaurants and bars should expect to see high demand for large party bookings, with 52% of diners planning group outings of eight or more. This presents a significant opportunity for restaurants to tap into the festive spirit and create large format or family-style experiences to capitalize on the demand.
“We are seeing a promising trend toward increased spending on dining out during the holidays, which is welcome news for restaurants, bars and wineries,” says Matthew Tucker, Head of Tock. “With an up-and-down economic environment characterizing most of 2024, restaurateurs should be planning now in order to embrace consumers’ desires to splurge at hospitality establishments around the holidays.”
Tock’s survey results reveal diners are continuing to seek out unique experiences when dining out this holiday season. 67% of diners indicate they are seeking more than a standard reservation, with themed holiday meals (44%) and multi-course feasts (39%) at the top of the list of desired experiences. Tock’s own data provides additional evidence of the positive impact this trend can have on operators, with experiences generating 30% higher check average than standard reservations.1 Tock businesses that offer more than standard reservations see an average of 80% more repeat guests.2 Notably, on average, 90% of guests who book an experience at a business, book another experience on a future visit.3
Tock’s diner survey uncovered several more trends and areas of opportunity for hospitality businesses this holiday season:
- Leverage Increased Holiday Spending Behavior
A substantial 88% of diners are prepared to spend more than they would on a typical night out. Even more promising, 17% of diners are willing to increase their spending by 50% or more. Restaurants should be encouraged to explore premium offerings, special holiday menus, and unique dining experiences that justify higher price points. - Promote Reservations Well In Advance
Holiday diners are planning ahead, with 45% booking reservations three or more weeks in advance. Of those, 14% plan to book five or more weeks out. This trend emphasizes the need for restaurants to have robust reservation systems and start holiday promotions early, well before the seasonal rush begins. - Optimize Reservation Systems
Tock’s data reveals that reservations generate, on average, 40% more revenue per cover and 100% higher check averages than walk-ins.4 This stark difference emphasizes how critical it is for restaurants to have an efficient reservation management system that can handle increased volume and help maximize revenue during this crucial season. - Prepare to Accommodate Large Parties
Group dining is set to be a major trend this holiday season, with 52% of diners planning to host holiday parties of eight or more people at a bar or restaurant. This shift requires careful consideration of seating arrangements, service strategies, and menu planning to efficiently cater to these larger groups, while maintaining the quality of the dining experience. - Boost Revenue with Desserts and Add-ons
Desserts are proving to be a sweet spot for holiday diners, with 62% most likely to purchase dessert as an add-on for their holiday meals. Following closely are holiday-themed gifts (36%) and wine pairings (35%). These add-ons represent a significant opportunity to increase revenue and enhance the overall dining experience. Tock’s own proprietary data shows that when offered, on average, 30% of guests purchase add-ons, leading to a 10% increase in check averages.5 - Offer Non-Alcoholic Spirits
A significant 31% of diners expressed interest in festive non-alcoholic options. This suggests a changing landscape in holiday drink menus, with a growing demand for innovative and flavorful spirit-free options.
“Diners are actively seeking out meaningful, experience-driven celebrations,” added Tucker. “Restaurants that tap into this desire for connection are likely to thrive. We recommend focusing on shareable experiences, innovative holiday menus, and tiered pricing strategies. Launching promotions early is crucial, as many diners plan their celebrations weeks or even months in advance.”
For more insights and strategies to benefit your entire operation this holiday season, visit https://www.exploretock.com/join/holiday-success/.
About Tock
Tock offers an all-in-one solution for reservations and table management. For over a decade, Tock has been working to create solutions to the industry’s toughest problems. From reducing no-shows to controlling costs, Tock builds tools that help businesses adapt to hospitality’s ever-changing needs through greater creativity and control. Restaurants, wineries, hotels, and bars all around the world choose Tock for its flexibility and world-class support. To learn more, visit exploretock.com/join.
1 Data from 2023-01-01 to 2024-07-26 and includes customers who have a POS integration configured with Tock and have at least 50 booked covers in each Booking Type category in the time period above; Ordinary reservation means free reservation or other types of non-experience reservations
2 Data from 2023-01-01 to 2024-07-26 and filtered for guests who have between 2 to 15 visits at a customer business in that time period.
3 Data from 2023-01-01 to 2024-07-26 and filtered for guests who have between 2 to 15 visits at a customer business in that time period; includes customers who have a POS integration configured with Tock
4 Data from 2023-01-01 to 2024-07-26 and includes customers who have a POS integration configured with Tock and have at least 50 booked covers in each Booking Type category in the time period above; Ordinary reservation means free reservation or other types of non-experience reservations.
5 Data from 2024-01-01 to 2024-07-26 and filtered to paid add-ons and where the base ticket booked has a greater than $0 base price.
SOURCE Tock, LLC