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Behavioural economics - the psychology of menu pricing
26th December 2009
Here is a fascinating piece from the New York Times on how some restaurants are restructuring their menus in a bid to beat the recession and drive higher revenues and profit margins from their businesses. Decoy choices and eliminating the currency sign are among the experimental strategies.
“Pounded by the recession, they are hoping that some magic combination of prices, adjectives, fonts, type sizes, ink colors and placement on the page can coax diners into spending a little more money.
More here
Geoff Riley
Geoff Riley FRSA has been teaching Economics for over thirty years. He has over twenty years experience as Head of Economics at leading schools. He writes extensively and is a contributor and presenter on CPD conferences in the UK and overseas.