2008 ended with a lot of talk about consumers looking for the best value. Seemed as though every time I turned on the TV, the news was talking about how retailers were hoping for big turnouts after Thanksgiving and again after Christmas. Then you would see an interview with a consumer saying that they were out shopping on these two days, but only willing to buy items that were 50% of 75% off original prices. They were looking for value deals and not settling for anything less. I will admit, I did not shop on these two days, but I too was looking to get great deals during the holidays.
The same was true with restaurants in 2008. Consumers were looking for good deals when they did in fact choose to dine out. But what constitutes a value deal when dining at a restaurant?
-is it a lower price (even if it means smaller portions or lesser quality)
-is it great tasting products or said another way a truly satisfying meal at a reasonable (maybe not the lowest price)
-is it the bundling of items (2 for the price of 1 or salad, entree, dessert for one low price)
When you dine out, do you specifically look for value options? Do you choose a restaurant based on the value offering they have or the food itself they offer?
In asking these questions as of late, I have discovered I am more a creature of habit. I don't seek out value deals at restaurants and I don't look much at the value menus at most restaurants (other than for research). I go to restaurants I like to get the food I like and as long as the food delivers on my expectation and is satisfying I find it a good value.
More than likely 2009 will continue to be a year where we are looking for good deals whether it be on clothes, groceries or restaurant items. It will be interesting to see what the term value comes to mean in 2009 and what creative value deals will surface.
