Fast food has benefited from increasingly demanding lifestyles and the expanding millennial population that prefers to dine out compared to the older generation. Despite economic conditions, many Canadians have not reduced their fast food visits, primarily due to convenience.
Canadians are showing a greater inclination towards convenience, as according to a recent study by Restaurants Canada, approximately 40% of Canadians prefer to eat their breakfast “on the go,” because it saves time from having to cook or with no interest in preparation. This trend is high amongst millennials.
Consumers’ preferences continue to change; with society impacted by demographics, lifestyles and disposable incomes, fast food must stay abreast with the fast casual concept to cater to the growing number of younger consumers. Players believe that the constant introduction of new menu items will drive incremental traffic and consumer interest.
Tim Hortons has become the most valuable brand for its owner, Restaurant Brands International. The expansion of Tim Hortons has resulted in healthy value sales in 2017.
Yum! Brands Inc brand KFC registered significant sales in fast food, due to its core customers of the fried chicken offering. After failing to attract customers with wine and beer, KFC learned that it is only its “KFC Fresh” concept menus that helped to sustain sales, rather than alcohol.
The burger giant McDonald’s experienced sales growth by increasing the prices for its food menus and by adding items such as Egg McMuffins to its traditional lunch order. Although sales were positive, the company wanted to increase consumer traffic, which resulted in bringing back the Dollar menu that had been phased out in 2013.
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This report originates from Passport, our Fast Food research and analysis database.
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