The new study, the Consumer Pricing Strategy Report, reported that more than six out of ten consumers (61 percent) said they would spend more for a higher quality sandwich if it contained premium meat; 41 percent if it were made with premium cheese; and 34 percent if it contained premium bread.
The survey also reported that only 25 percent of consumers say they believe that restaurants are increasing prices because they want to make more money. Instead, three out of four (75 percent) attribute rising menu prices to increases in the cost of gasoline and ingredients.
Overall, the survey reportedly said that consumers are cutting back more on full-service dining than on limited-service restaurants. Lower income consumers, however, say they are decreasing purchases at both types of venues.
The findings are based on 2,000 consumer interviews and foodservice pricing data.
Source: American Meat Institute