Historically, warm weather brings the restaurant crowds. Since this summer will be the closest to normal we have had since 2019, restaurants are forecasting busier dining rooms. But with inflation still lingering consumers aren’t so sure.
Will the summer of 2023 outpace 2022?
During May,June and July of 2022, major chains like Chipotle, Shake Shack and Sweetgreen saw decreases in growth as a result of inflation causing higher restaurant bills and gas prices making it more expensive to spend a night on the town.
While 2023 has seen a slower rise in inflation, increased prices have made consumers more cautious when pulling out their wallets. Not to mention, the threat of recession still hangs in the balance.
In a recent survey conducted by ‘Datassential’, they found that nearly half of restaurant operators are optimistic that this summer will lead to increased sales. The same poll showed that one third of consumers plan to dine less this year than in the past.
Part of the optimism restaurants have is driven by increased summertime tourist travel, mainly in the Northeast. Unfortunately, the casual dining experience is less likely to draw that traffic.
So what can we do?
When diners are tempted to close their wallets we have to increase the value of we offer. That value could come in the form of promotions during non-peak hours or by offering smaller portions. Lower prices and exceptional service has been proven time and again to gain a solid customer base.
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