People buy more steak in restaurants when beef prices are high because they're scared to cook it at home and mess up, restaurant boss says

Fri, 03/22/2024 - 10:47

Person using spatula to cook steak in frying pan — The CFO of a restaurant-chain owner said customers often buy more steak at restaurants instead of risking messing it up themselves at home when beef is expensive.
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When beef prices are high, customers buy more steak at restaurants, Darden Restaurants' CFO said.
He said that customers worry about taking a risk if they cook steak at home when it's expensive.
Beefsteak prices rose by 8.1% over the past year, higher than the 1% rise in overall food prices.

Customers worry more about cooking steak at home when it's expensive in case they mess it up, so they eat it at restaurants instead, Darden Restaurants' CFO said.