Diners willing to spend on Valentine's Day despite rising prices
Newsy
It might be busy at restaurants for Valentine's Day, but many still report a struggle to turn a profit.
Restaurants will surely be packed with Valentine's Day diners celebrating the holiday. Even though Americans are looking for ways to save on dining out more than they used to, the period around Valentine's Day appears to be an exception.
According to a new report prepared by the National Restaurant Association, 90% of restaurant operators say their customers are more value-conscious than they used to be. Rising food costs could be a reason why.
The National Restaurant Association said 76% of restaurants reported their average food costs were higher in 2023 than in 2022. Rising costs have forced 16% of restaurants to add surcharges to customers' checks, the group said.
In the latest consumer price index, released Tuesday, the cost of full-service meals increased 4.3% in the U.S. in the 12-month period ending in January. The rate of restaurant inflation outpaced overall consumer inflation.
Despite all this, many Americans say they will spend big on Valentine's Day. According to OpenTable data, diners spent more on Valentine's Day than any other holiday in 2023. In a consumer survey, OpenTable says 70% of those asked plan to spend the same or more on Valentine's Day than last year.
