Dinova Business Dining Marketplace Reports 21 Percent Growth in Q2 2017
Dinova, Inc. announced today its second quarter marketplace results. Business dining spend through Dinova's marketplace has increased 21% in the second quarter of 2017, with a 16% growth in the number of business dining transactions and a 6% increase in the average business dining transaction size, over Q2 2016.
For the first half of the year, business dining spend through Dinova's marketplace has increased 20%, with a 14% growth in the number of business dining transactions and a 9% increase in the average business dining transaction size, over H1 2016.
"The continued growth of our proprietary business dining marketplace underscores the importance of business dining segment to the restaurant industry. Participating Dinova restaurants enjoyed increased traffic and overall growth from Dinova's business dining marketplace in Q2," said Vic Macchio, CEO and founder of Dinova. "In addition, we were honored to receive three major business growth/accelerator awards this quarter, which is additional market validation for our role in driving business diner traffic to restaurants." In Q2 2017, Dinova saw participating enterprise corporations shift 18.23% more of their existing business dining spend into Dinova preferred restaurants vs. Q2 2016.
Dinova estimates that business dining industry-wide sales was down 1% in Q2 2017 vs. Q2 2016, making Dinova's marketplace performance even more noteworthy. Consumer traffic was down once again in Q2 2017 with a 3.1% decline, according to Black Box Intelligence – a TDn2K company.
Based on Dinova's unique view into the business dining market, Dinova is also reporting the following Q2 industry-wide business dining traffic trends:
- 71% spending increase at Fine Dining establishments; driven by a 17% increase in number of business dining transactions
- 44% spending increase at Casual establishments; driven by a 15% increase in number of business dining transactions
- 5% spending increase at QSR establishments; driven by an 9% increase in number of business dining transactions
- Fast Casual establishments were the only segment to see a spending decrease, with a 5% decline in spending and a 1% decrease in number of business dining transactions
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