CHICAGO — In a recent national survey by foodservice consultants Technomic, more than half of consumers polled said they have noticed higher menu prices at full-service restaurants. Perhaps a more disconcerting finding for restaurant operators, however, is that consumers have exaggerated notions of how much prices have increased at national chains.
"While consumers often state one belief then act in a reverse manner, we believe that well over half of full-service consumers are looking for ways to reduce restaurant spending — and that many of them will succeed," said Tom Miner, principal at Technomic.
To help chain restaurants identify appropriate opportunities to increase menu prices without negatively impacting visit frequency, Technomic recently launched its Consumer Price Sensitivity Survey. The program monitors consumer price sensitivity in limited-service and full-service segments, in various menu categories and for menu items with costly ingredients. Menu price elasticity is gauged for dayparts, average check amounts and dining occasions.