Follow Us: Small Business Tip of the Day: Go Ahead, Raise Your Prices
Paying the restaurant bill mock up credit card

If you’re a restaurant owner worried that raising your menu prices could mean losing important customers, maybe you should stop worrying. According to a survey conducted by supply chain cooperative SpenDifference, 90 percent of chain restaurants anticipate raising their prices this year by an average of 1.6 percent, and one-third of respondents expect to increase prices by 2 percent or more. SpenDifference explains that, based on their data and discussions with members, chains believe consumers may be more willing to accept higher prices as the economy strengthens. Restaurant executives in the survey are optimistic about 2013, anticipating same-store sales growth of 2.2 percent–about 25 percent higher than 2012.

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