(Note: In the previous post I defined the growing market segment of “aspirational dining” restaurants. This is valuable background to this post and merits a read.)
What sets the “aspirational dining” market segment apart was their creation of the perception that their food cost more because it was worth more. This perception is what made people aspire to dine in their restaurants. During the salad days of the last decade these restaurants thrived on people’s desire to dine at a restaurant that would create a sense of jealousy amongst their peers. Having dinner and being seen at these restaurants was a sign of status and achievement. This all changed when the economy took a turn.
Read the full post at The Manager’s Office