The Four Things Restaurants Can Do to Cope With Inflation This Summer

With the rise of gas prices around the country, it’s not unsurprising to see the price at the pump and inflation starting to affect other industries, including the restaurant industry.

Often one of the first cuts made to household budgets during periods of high inflation, the restaurant business could see gas prices affect consumer spending, with every 50-cent increase at the pump having a near 68 billion dollar impact on the consumer spending market.

According to Alignable, 86% of consumers say gas price is starting to affect their spending habits. Restaurant owners are feeling the effects too, with nearly 66% of restaurant owners saying they are struggling with rising gas prices.

Gas prices, combined with 90% of Americans feeling concerned about food prices does not appear to bode well for the restaurant industry. However, it is summer and summer usually means travel.

“…We’re heading into the summer season where there’s a pent-up demand, people want to go out…they’re going to look to restaurants,” said Barbara Castiglia of Modern Restaurant Management.

To help accommodate to this current inflationary stress, Castiglia noted the importance of paying attention to travel habits. While Americans might still be taking their summer road trips despite the cost of gas, they may be staying closer to home than originally planned. 

To capitalize on this, restaurants should partner with local municipalities and engage with events, museums, and zoos, or other facilities. Not only will this engagement help market the restaurant but it can also provide community collaboration, drawing in more local, long-term customers.

In a battle with inflation, restaurants are also starting to add service fees. According to

Lightspeed, the number of restaurants adding service feeds increased 36.4% from April 2021 to April 2022. Leading the way, Romano’s Macaroni Grill added a $2 fee temporarily due to “macroeconomic pressures” with several other restaurants following suit.

Additionally, Castiglia noted that “People are changing their eating and shopping habits.” Some consumers are turning toward more plant-based options as alternatives to meat or dairy products. Restaurants could take advantage of this market and post recipes or host cooking classes with plant-based ingredients.

In QSR, help guests avoid idling by decreasing wait time and market with empathy, “To offer guests more options and more convenience and cut down on that wait time and that drive time,” said Castiglia, “So, it’s going to be an interesting summer, people are going to be going out and they want to go to restaurants, they want to go to local restaurants and it’ll be interesting to see how restauranteurs respond and get creative this summer.”

Follow us on social media for the latest updates in B2B!

Latest

The B2B Marketing Trends to Leave Behind in 2022
November 30, 2022

A number of marketing and media trends have emerged in the past year, including NFTs, the Metaverse, audio chatrooms, and more. While B2C marketing often pioneers these edge technologies and marketing strategies to varied success, it’s the B2B marketing strategists left wondering: is this something I should adopt? Is it actually worth precious time […]

Read More
Spotify Wrapped 2022: What Bad Bunny and Rogan’s Success on Spotify Can Illuminate for B2B Marketers
November 30, 2022

Spotify Wrapped 2022 is officially out for all the streaming heads out there eager to see their year in review. Bad Bunny topped the most streamed artist spot for another year in a row, and for you, marketers out there eyeing podcast content turns out Joe Rogan was the most-listened-to podcast again this year. […]

Read More
education system
Assessment in Our Education System: A Barrier and an Opportunity
November 30, 2022

In today’s time-based education system, Students take tests and receive assessments based on those results. But what are the takeaways and feedback for students? Do students understand the results, where they went right, or where they went wrong? What are the quality levels of these assessments, and do they provide opportunities to improve a […]

Read More