Restaurants Can Profit from Business Travelers

While consumer spending at restaurants appears to have plateaued, such outlays by business travelers are on the rise, a new study by Dinova Inc. and Technomic has found. That report, the Fall 2024 State of Business Dining Report, offers insights and tips for restaurants looking to profit from a recent surge in business travel that’s being fueled by rising corporate spending and the return of large business events.

“Our proprietary corporate cardholder data shows 14% year-over-year growth in business dining spend, which correlates with a recent surge in business travel,” said Dinova CEO Alison Quinn. “This is welcome news for restaurants as consumers hit the price ceiling because there is a striking difference between consumer and business dining behaviors.”

Consumer restaurant sales have plateaued, and Technomic noted negative average YOY growth for full-service (-1.5%) and limited-service (-1%) restaurants. Meanwhile, business travel spend is expected to reach a record-breaking $1.48 trillion by year’s end. Business dining is among the top expense categories, representing an estimated $245 billion global market.

The report’s other key trends and insights include:

• A breakdown of business traveler dining spend by industry.
• Business traveler personas and their dining preferences.
• How business dining spend compares across key markets.
• The most popular cuisine types among today’s business diners.

“While our report no longer focuses on post-COVID business dining recovery, restaurants of all kinds should continue to monitor business dining patterns and preferences as attracting this segment has become critical to profitability and growth,” said Quinn. “We hope these latest insights will provide restaurants with the strategic guidance needed to navigate a challenging landscape.”

Click here for the full report.