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Consumers are expecting more menu price inflation, and restaurants might give it to them
"The challenge we’re experiencing is the fact that inflation in other segments has actually cooled a lot quicker over the last several quarters than in the restaurant space,” Shank said. “It’s problematic to say the least, because people are becoming less able to afford what we’re offering".
“We’re actually moving in the opposite direction of where we want to be right now,” he added.
Consumers are more aware of price increases, and perhaps to a fault, which is largely the result of the post-pandemic inflationary period combined with social media. Consumers think prices are going up more than they are, but they’re not wrong that prices are going up.
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