As macroeconomic factors squeeze personal budgets nationwide, perceived value has emerged as one of the primary factors shaping consumers’ quick-service restaurant choices and habits.
While this trend may appear as straightforward guidance for QSR brands looking to capture more traffic, recent research indicates that perceived value stems from a formula far more complex than calories per dollar.
In contrast to the days when dollar menus and low-priced meals defined consumers’ perceived value of QSR brands, the term now encompasses emotional value, not just financial value. According to Alvarez & Marsal Consumer and Retail Group’s December 2025 Crave Report Consumer Study, consumers now measure value through a more holistic lens — including taste, quality, pricing and consistency.
“We’re seeing the value wars happen right in front of us,” said Jennifer Meyers, managing director with A&MPLIFY by Alvarez and Marsal. “Given the uncertainty in the macroeconomic environment and consumers having less disposable income than before, we’re seeing it at the forefront of every decision that’s being made with fast food and fast casual, and they’re both competing for that same share of stomach right now.”
Jennifer Meyers, managing director with A&MPLIFY by Alvarez and Marsal
Quality and price point are both crucial aspects in defining value for contemporary consumers. According to A&M’s QSR consumer survey data, 56 percent of respondents reported “good value” means great-tasting food, not simply low costs. Similarly, decreased quality was the top variable that led respondents to stop visiting a restaurant they previously frequented [45.9 percent]; offerings no longer felt like good value for the price was the second most common selection [32.3 percent].
“What we found, also tied to value, is that quality is becoming an even bigger role in customer churn,” Meyers said. “We used to think that you could provide a discount, and that was the tactic to bring back lost customers. But in fact, it’s not. … Quality is actually the number one improvement that needs to happen to bring back lost customers.”
When it comes to the top three variables that determine “good value” for fast-food meals, respondents selected great taste, high food quality for the price and low total price, respectively. The A&M report concluded that discounting alone is not a long-term value strategy; neither is leaning into loyalty programs and ambiance. Investing in food innovation and quality will pay dividends in perceived value.
“Value has now become: Is it worth the money?” Meyers said. …“It’s not about quantity for a price point, and it’s not just about feeling valued. We actually saw that the notion of loyalty around feeling valued had dropped significantly. And that doesn’t mean that loyalty programs aren’t important, but I think they’re considered table stakes.”
Regarding quality perception, overall taste proved the most important aspect for survey respondents, followed distantly by ingredient freshness and portion size for the price. Large, satisfying portions aided in anchoring value perceptions, even when quality is already the focus.
Meyers said QSR brands should be calculated and intentional in their approach to limited-time offerings and promotions. Discounting too deeply may anchor consumers to a lower price point.
“If they (customers) are just coming in for the promotion, yeah, you’re stealing share from another competitor, but the idea is you really want to drive ongoing loyalty and increase consumer lifetime value,” Meyers said. “So, are they coming in and buying something else? Are they buying things on your menu that they wouldn’t have traditionally bought when we look at their data?”
Of course, consumer perception of value changes depending on several factors, including feelings of nostalgia associated with foods. For breakfast, after value for the money and speed of service, comforting staples cooked correctly and classic items that remind diners of “the good old days” are the top factors that determine where guests choose to eat. Meyers said those preferences may result from breakfast being one of the most habitual parts of the day.
Although value is ever-evolving and tricky for QSR brands to nail down, it remains a key factor in determining consumer preferences and behavior, making it a puzzle worth solving.
