Millennials fueling rise of fine dining in Asia Pacific, MasterCard says
Millennials in Asia are ‘foodies’: not only do they enjoy fine dining, they’re talking about food online as well.
This is according to global payments company MasterCard, which also revealed that one in three millennials, aged 18-29 years old, in Asia Pacific is eating at fine dining establishments at least once a month, more so than those 30 years old and above.
The most frequent fine-diners in Asia Pacific are millennials from China—on average visiting more expensive establishments two or three times a month.
This is higher than the average for millennials across the region and higher than any other age group.
On the other hand, 85 percent of Filipino millennials eat in quick serve/fast food restaurants while 43 percent go to standalone fine dining restaurants and 29 percent eat in fine dining restaurants within hotels.
When choosing where to eat, 50 percent of consumers in Asia Pacific still prefer to rely on word of mouth and recommendations from friends and family.
This was applicable for all consumers, regardless of age group, with 52 percent of millennials trusting word of mouth recommendations while only 38 percent were influenced by online reviews.
This is despite the fact that 36 percent of millennials post comments and reviews of their dining experiences online.
This is especially true for 61 percent of Chinese and 52 percent of Thai millennials, where more than half of the young people polled regularly post reviews after a meal.
Beyond millennials, 39 percent of consumers in Thailand and 30 percent in China are also the most likely to spend more on dining over the next six months with around one in three indicating they plan to eat at more expensive establishments.
In contrast, 44 percent of consumers in the Philippines are looking to tighten their belts with close to one in two planning to eat at less expensive venues in the next six months. Forty-nine percent also plan to eat out less regularly.
But while the rest of Asia Pacific consumers may be enjoying fine dining, they are still cost conscious.
Sixty-four percent of consumers regularly check for discounts or dining deals from coupon websites, mobile applications or credit card promotions. Sixty-eight percent of millennials regularly look out for deals before choosing a place to eat.
Eric Schneider, Region Head, Asia Pacific, MasterCard Advisors, said: “Asia has always had a strong dining out culture and so it is not surprising that affluent millennials in the region are ‘foodies,’ with many sharing their dining experiences on social media and posting reviews online.”
“While the survey has shown that people are increasingly moving from the hawker centers and into restaurants, young people are still cost conscious, taking a practical and savvy approach by looking for discounts and deals. Young people also still rely on word of mouth recommendations, despite many posting online reviews of dining spots. As Asia’s economies continue to grow, and with technology and social media revolutionizing the dining experience, people will increasingly demand top quality experiences when dining out,” he added.
