Customers are still prepared to pay stiff prices for Cristal and caviar, but rising interest rates mean they more discerning than ever.
shrugged off the spectre of rate rises and a gloomy economic outlook to spend up big in restaurants over the week, even as some show signs of tightening their belts and corporates demand more value for money.
Renowned Melbourne chef Guy Grossi: “It was as big as ever but probably stronger ... it was actually quite exciting.”But the restaurateurs say that rising interest rates are also prompting a change in spending habits, with customers still prepared to pay stiff prices, but becoming more discerning than ever.
A handful of customers picked up bottles of 2014 Louis Roederer Cristal for $1090 a pop, while others opted for the 2008 Billecart Brut Cuvee Louis priced at $950. The restaurant also sold a handful of top-shelf burgundy wines including 2018 Sylvie Esmonin Gevery-Chambertibe, priced at $400 a bottle, which proved to be popular.
“Less diners are simply having a night out,” one team member said, while another noted that forward bookings by corporates for Christmas parties are already showing tighter or stricter budgets.“Guests are strict on value for money,” another team member said, adding that guests and groups were expecting, “five stars for everything, [they] expect value for money – which is hard to fix at the current price [and] cost of goods sold.
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