It’s safe to say the past 18 months have been a tumultuous period for the restaurant industry. As the COVID-19 pandemic carried on throughout the U.S. in 2020, many restaurants were forced to close; some temporarily, some forever. At the time, the future seemed bleak for many restaurant owners, employees, and diners.
In late May 2020, the team at Cipher partnered with a well-known restaurant chain to conduct a HUUNU Futures Prediction Market to determine how the Quick Serve Restaurant (QSR) category would recover from the effects of the pandemic. QSRs are defined either as:
- Fast food restaurants: customers order drive-thru or from a board at the counter. Example restaurants include McDonald’s, Taco Bell, and Subway.
- Fast casual restaurants: customers primarily order from a board at the counter. Example restaurants include Chipotle, Panda Express, and Panera.
The prediction market was conducted with 502 participants from across the U.S, representing a wide range of demographic backgrounds.The vast majority of participants had visited a QSR in the past twelve months, and 75% were in charge of choosing the restaurants their family visited or ordered from.
If you’re unfamiliar with HUUNU Futures and prediction market research, we suggest you first read this primer to understand the role that prediction markets play in quantifying future trends and consumer behavior.