Since 2015, local companies and consumers have tried to find ways to overcome an environment of shortages and inflation. Venezuelans mainly visit fast food outlets when taking children to the park, liking to buy them an ice cream or cake.
Most fast food chains in the country chose to exclude French fries from their meal deals over the review period. They also increased the prices of their French fries, with generally only more affluent consumers being willing to pay more.
Venezuelans prefer to eat-in whenever possible as fast food meals are considered a good opportunity to take a break from work and spend time with friends and relatives. As a result, eat-in continued to account for the lion’s share of fast food sales in 2017.
Alimentos Arcos Dorados continued to lead fast food in 2017 thanks to managing the operations of McDonald’s, which enjoys strong recognition and is liked by both adults and children. It maintained its position as many of its competitors suffered from product shortages.
Companies faced increasing costs in 2017, partly due to the high prices of imported ingredients. This led to a decline in transactions for most brands as prices became out of reach for many consumers.
Problems obtaining ingredients and deteriorating economic conditions served to slow innovation in terms of menu offering and service models. The most innovative brands introduced some novelties to differentiate themselves from competitors, although launches were limited by the availability of products.
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This industry report originates from Passport, our Consumer Foodservice market research database.