Restaurant Reservation App Growth Rate Surges
Saving Time to Invest in Self-Development
The number of people saving waiting time through online advance reservations is increasing. The usage rate of restaurant reservation apps has exploded, which is interpreted as a result of the desire to save the limited resource of time. As 'time performance ratio' (시성비), which values performance relative to time, emerges as a key keyword to understand the MZ generation, it was found that they mainly invest the time saved in 'self-development.'
"Reducing waiting time to invest in self-development"... How to utilize limited time resources
According to the analysis of MicroMill Embrain Panel Big Data on the 1st, the growth rate of restaurant reservation apps in 2023 compared to the same period last year (January to October 2022) showed that 'CatchTable' increased by about 122%, and 'Tabling' increased by 48%.
Embrain explained, "As the offline dining market, which had been shrinking for several years, regains vitality, 'restaurant reservation apps' that allow users to receive real-time entry numbers or make advance reservations at popular restaurants to use without waiting are rapidly spreading. This is believed to be due to the public consumers' values and needs that 'time is money.'
They added, "Even for famous restaurants, it is common to wait from at least 30 minutes to over an hour, and in busy modern society, the desire not to waste this time has become stronger. This is the result of the strengthened demand for 'time performance ratio' that values performance relative to time."
In particular, users of these restaurant reservation apps showed high usage rates of apps related to self-development, such as 'health management' (Inbody, etc.), 'audiobooks' (Millie's Library, etc.) that enable multitasking, 'Notion,' and 'Soongo.'
Embrain interpreted, "We were able to confirm a movement to use limited time as efficiently as possible and invest in productive activities such as self-development. This reflects the public consumers' needs to use the resource of time more meaningfully."
By age group, the 20s and 30s mainly showed high usage rates of 'Inbody' and 'Ridibooks' apps, while the 40s and 50s showed high usage rates of 'Podbbang.' It was also confirmed that e-book service platforms commonly ranked high across all age groups.
Recognizing 'time' as the greatest resource... "Desire to accumulate quality experiences within limited time"
This strong desire to save time and high interest in self-development were also confirmed in the results of the Embrain Trend Monitor survey conducted last July.
In the July survey, about 82.4% of respondents regarded 'time' as the greatest resource in modern society, and 60.0% showed interest in services that can save time.
Additionally, the opinion that they want to spend the time saved by time-saving services on 'self-development' (65.0% agreement rate) was dominant, confirming the link between 'time performance ratio' and 'self-development.'
Embrain stated, "As the atmosphere emphasizing the importance of self-development to add value to oneself is forming higher than ever, the need to accumulate quality experiences within limited time is likely to become even stronger."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
