The situation: With household budgets under pressure throughout 2025, diners flocked to restaurants that offered clear value. Chains that held the line on pricing or leaned on promotions performed well, while more expensive concepts saw demand soften as consumers grew increasingly price-sensitive.

Winners and losers: The tough macroeconomic environment pushed even higher-income consumers to trade down, while many lower-income consumers pulled back altogether.

• The standout winner of 2025 was Chili’s, which posted strong growth with eye-catching promotions like its “3 for Me” deal—a beverage, appetizer, and entrée for $10.99—a price point well below many so-called “slop bowl” chains.
• Many restaurants struggled to adapt. Cava and Chipotle, for example, carried price points that led many—especially younger diners—to think twice before splurging on a burrito or falafel bowl.

Our take: Consumers are seeking more bang for their buck. To spur spending, restaurants should double down on value-focused promotions like bundled meals and use loyalty programs to target their best customers with personalized offers that encourage repeat visits.