Cost of living increasing… again

(06 /06 /2013)

Cost of living is set to increase again (increasing fuel prices, insurance premiums, electricity costs)… how do you think this will impact your business?

With the cost of living rising on a daily basis this will have a massive impact on the hospitality industry. Our industry relies heavily on the entertainment dollar!  With households trying to cover everyday living expenses there is not much left for going out and spending at favourite eateries.

At the moment some of the industry associations are tackling the penalty rates for hospitality workers -blaming this for the high costs and low profits.

We need to broaden our view that eateries are not filling because who has the money to spend on entertainment not because of pay rates!

Income yields per table have fallen as a result of the constant increases on everyday expenses.

Rising cost of living IS one of the major factors but little is being said about it.

It’s time to get creative, think outside the box, what can you do to attract and retain customers in this market?  Our love and passion for food will only get us so far!  How are you coping?

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