Prioritizing PriceMarch 17, 2014 By: Donna Hood Crecca
The majority of consumers (87%) rank food and beverage as the first or second most important attribute creating value in a full-service restaurant experience. While that points to the crucial role of food and drink quality in consumers’ assessment of the value delivered by a restaurant, price remains an important factor. In fact, 60% of consumers indicate price is the first or second most important attribute in creating value, according to Technomic’s 2013 Value and Pricing Consumer Trend Report.
Seeing prices on restaurant drink menus is important to six in 10 consumers (61%), according to our recent Trends in Adult Beverage survey, conducted in February. Older Millennials (ages 25-34) and Gen X (35-44) were most likely to say drink prices on menus are important.
Price information is valued by many consumers, yet many chain restaurant beverage professionals grapple with whether to include prices on drink menus. Due to many factors, drink prices can vary from market to market, making it difficult for multi-unit operators to manage the production and execution of multiple and often changing drink menus. As a result, many chains do not include drink prices on menus.
Today’s consumers are seeking value when spending their hard-earned dollars at restaurants. Drink price information – whether conveyed on a menu or via servers, point-of-sale materials, blackboards or other mediums – in combination with food and beverage quality, ambiance and service levels allow patrons to assess the value of their dining experience in real time.