People eat out a lot these days. And a lot of these people who end up eating out are millennials, ranging from around 20 to 35 years of age.
There seems to be a myriad of reasons behind this phenomenon, but the fact of the matter is millennials are choosing to eat out more than previous generations and are the biggest client base for restaurants.
Millennials spend 44% of their food dollars (versus 40% of baby boomers) on dining out, according to the Food Institute’s analysis of the United States Department of Agriculture’s food expenditure data.
The amount of food dollars spent on restaurants and takeaway has steadily increased over the years, from 34% in 1974 to 50% in 2014, the analysis showed. Continue Reading
The restaurant menu is a main driving force in getting customers in the door so it is imperative that you get this right.
But it’s a tricky one as the prices on the restaurant menu directly affect your restaurant’s profitability, so you can’t go too low or too high. It’s got to be just perfect.
After you’ve figured out your ideal food-cost percentage (usually between 20% and 40%) to make your business profitable, you may want to use some of these menu-psychology tricks to help nudge your diners to make the choices that work best for your business.