Luxury Restaurant Membership Programs
Quince & Co. Presents a New Restaurant Business Model
The COVID-19 pandemic and the associated government-imposed restrictions have not been easy on retail companies and restaurants, but some establishments are being creative in driving traffic and a great example is the model of the restaurant membership program. Eater reports that some Bay Area dining establishments have already dived head-first into the venture. For instance, the Michelin-star Quince recently introduced a restaurant membership program that is valued at $5,000 per year. Titled simply 'Quince & Co.,' this membership includes its sister restaurants Cotogna and Verjus, as well as the Fresh Run Farm in Bolinas. According to Eater, despite the pricey tag—Quince & Co. has already sold out. The membership includes various perks, including a $1,000 dining budget, quarterly provisions boxes with premium products, as well as exclusive events. This, in turn, speaks for the growing consumer desire for a luxury experience.
Trend Themes
1. Restaurant Membership Programs - As the pandemic continues, restaurants are exploring creative business models such as high-end membership programs.
2. Luxury Experiences - Consumers are increasingly seeking exclusive and high-end experiences, presenting opportunities for businesses to cater to this demand.
3. Premium Services and Products - Membership programs and other offerings that provide access to premium products and services can appeal to affluent consumers and drive revenue for businesses.
Industry Implications
1. Hospitality - Hotels, resorts and other hospitality businesses can explore high-end membership programs or exclusive offerings to cater to luxury-seeking consumers.
2. Retail - Retail businesses can partner with restaurants and other establishments to provide premium products and services to customers, such as through provisions boxes included in membership programs.
3. Membership and Subscription-based Services - Businesses that specialize in creating and managing membership or subscription-based services can explore opportunities to cater to affluent consumers seeking high-end experiences and exclusive access to products and services.