Most Popular Family Restaurant Is "Ashley"… NH Nonghyup Bank Data Analysis

4 Million Card Payment Transactions Analyzed
Top 5 Family Restaurant Sales Trends
Ashley and VIPS Lead in Sales Growth
"Buffet-Style Restaurants Thrive Amid High Inflation"
Customers in Their 40s Visit Most Frequently
Average Payment by Brand
VIPS Tops the List at 118,000 Won

Among the top five family restaurant chains, buffet-style restaurants Ashley and VIPS have shown the highest sales growth. These restaurants have attracted many customers during this period of high inflation by offering a wide variety of menu options at reasonable prices. Family restaurants are most frequently visited by customers in their 40s, while those in their 20s are gradually turning away.

According to the financial sector on June 2, NH Nonghyup Bank analyzed card payment data from 1.98 million individuals and 4 million transactions between January 2022 and May 30 of this year. The analysis focused on the top five family restaurant brands by payment amount (Outback, Ashley, Lalacost, VIPS, and Seoga&Cook) in its "Family Restaurant Consumption Trend" report. The average annual sales growth rate for these five brands was 17.3% in 2023, 6% last year, and 10.9% this year, resulting in an average annual growth rate of 11.4%. NH Nonghyup Bank reported that Ashley recorded a 59% sales growth rate this year, the highest among the five brands. Ashley also led in sales growth in 2023 (62%) and last year (83%). VIPS followed with growth rates of 42% in 2023, 11% last year, and 39% this year.

In contrast, Outback saw a decrease in sales except for 2023, when it posted about 20% growth. Lalacost and Seoga&Cook have experienced a continuous decline in sales since 2023. NH Nonghyup Bank explained, "Despite the era of high inflation, family restaurants are showing notable growth, especially buffet-style restaurants that offer a diverse menu and reasonable prices are experiencing significant sales increases."

The most popular time for restaurant visits is December. When the number of transactions in January each year is set as an index of 100, the index for December reached 134, the highest figure. The indices for February (95), July (95), and August (96) were also higher than in other months, which NH Nonghyup Bank interpreted as indicating that family visits are more frequent during these periods.

Visitation patterns also vary by brand. Comparing the number of transactions on weekends and holidays to weekdays, Outback recorded a ratio of 2.23, meaning that weekend and holiday customers outnumbered those at the other four brands. By time of day, Outback's transactions after 5 p.m. accounted for 51% of weekday sales and 40% of weekend and holiday sales, indicating a high proportion of evening sales. Ashley, influenced by its weekday lunch (priced at 19,900 won), saw a pronounced increase in weekday lunchtime visits, accounting for 52% of its weekday sales.

Looking at the age distribution of restaurant visitors, customers in their 40s accounted for the largest share last year at 28.5%. Over the past three years, the proportion of customers in their 20s has declined from 23.5% in 2022 to 20.2% in 2023 and 18.4% last year. In contrast, the proportion of customers aged 60 and older increased from 9.2% in 2022 to 11.4% in 2023 and 13.1% last year.

By brand, VIPS had the highest average payment amount per transaction last year, with customers spending an average of 118,000 won. This was followed by Outback (112,000 won), Ashley (71,000 won), Seoga&Cook (57,000 won), and Lalacost (45,000 won).

The preferred family restaurant also differed by gender and age group. At Ashley, 42% of visitors were male and 58% were female, with women aged 40 and above (41%) making up a particularly large share. Outback was more popular among people in their 20s and 30s (22% men, 20% women), while VIPS was frequently visited by those in their 40s (20% men, 19% women). Among family restaurant customers, 76% made only one payment per year. Those who visited twice accounted for 15%, three times for 5%, and four or more times for 4%, which NH Nonghyup Bank explained indicates that most customers visit family restaurants primarily for special gatherings and occasions.