© 2008 Tyson Foods, Inc.
AFFORDABLE LUXURY: THE NEW BOTTOM LINE
Luxurious living is no longer an all or nothing proposition, at least not when it comes to great food. An increase in international travel
and the rise of the celebrity chef phenomenon have made people more familiar with fantastic foods than ever before. In an era of
responsible spending, however, consumers are looking for ways to strike a balance between their appetites and their wallets. This
mission is far from impossible thanks to the concept known as “affordable luxury,” which promises mass availability and affordability
of items with luxury appeal. More than anything else, “affordable luxury” means that menus that are rich in both indulgence and value
can satisfy consumers’ cravings but not eat up their savings.
For the most part, specialty food is a rather “affordable luxury.” Relative to a luxury like a new car, a prime rib dinner seems like a
downright bargain. But, when times are tough, many people feel uncomfortable about purchasing their favorite treats. The beauty of
“affordable luxury” is that splurging on indulgent food does not have to be a stretch on the budget. Carl’s Jr.’s® Six Dollar Burgers
and Hardee’s® Thickburgers, for example, provide premium beef and toppings for six dollars or less. Charlie Brown’s Steakhouse, an
East Coast chain, is running a springtime special of bourbon flat iron steak for just $13.99, after an extremely successful run with a flat
iron steak and jumbo shrimp combination, priced at $12.99. And recently, T.G. I. Friday’s® Restaurant announced it would extend its
successful “Right Portion, Right Price” menu, on which prices range from $5.99 to $9.99. Two top features on the menu are a petite
sirloin steak and a bistro sirloin salad.
Bottom Line: Now is the time for affordable luxury to shine. Consumers are looking for “deluxe on a dime” at precisely the moment
when operators have a multitude of ways to deliver it.
DEFINING THE TREND
An April, 2008 survey of 506 consumers conducted f