Restaurant cost & price increases: The value of digital & loyalty initiatives
Published on June 27, 2023
Most restaurants anticipate being affected by recession and cost increases over the next year – how can brands continue to drive growth with price differentiation and digital & loyalty initiatives?
Our recent study with 50+ leading US restaurant brands revealed that 97% of brands expect a recession in 2023, the majority of whom believe it will affect the restaurant industry. Combined with an expected average cost increase of 9%, restaurants need to take action to protect margins, traffic, and guests. To do this, it is important for restaurant brands to implement strategic price increases as well as optimize digital initiatives throughout 2023.
Restaurant brands should implement next level price differentiation to combat an expected 9% cost increase in 2023
Restaurant brands face several challenges in 2023 with a looming recession and significant cost increases. While cost increases will not be as severe as 2022 for most restaurant…
