Prior to the downturn in the economy, my husband and I were more lax with respect to our dining standards. While we didn’t eat at dumps, we accepted the fact that not all dining experiences will be outstanding. Since the economic downturn, my husband and I have become much more selective about where we choose to dine.
Now we are of the frame of mind that we don’t want to waste our money at restaurants that don’t have the various elements that create an outstanding dining experience. Now we are more apt to question whether it’s worth it to dine at certain restaurants. For us, the bar has been raised because the economy has made us more conscious of how we spend our money.
I have to believe this phenomenon is happening in other industries as well. Not only are some consumers choosing to spend their money on things they really need, others are becoming choosier about where they spend their discretionary income.
This mentality places even more pressure on businesses to be the ‘best of the best.’ As such, one could argue that this is not the time for businesses to cut back on product and service quality, despite the dismal economic conditions. Such cutbacks could readily eliminate a business from a consumer’s narrowing consideration set.
Recently my husband and I had dinner with another couple at an expensive (but worth it) local restaurant. Looking around we were amazed at how crowded it was. You would never know that we are in an economic crisis. Clearly this establishment has chosen to continue doing what it needs to do to be one of the best, and their customers were choosing them over other restaurants.
Contributed by Chris Parcenka, VP, Synovate
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Posted by: Dissertation Samples | 15 October 2009 at 05:51