Catering to families can be a highly profitable venture for any consumer facing business. Don't believe me? Consider the following research commissioned in 2005 by Family Matters! Singapore and MCYS:
- Households with young children collectively spend $1.5 billion annually
- They tend to shop as a family nearly 2/3 of the time
- These households spend a total of $820 million annually on non-grocery shopping alone
- Family-friendly businesses enjoys 5% - 10% more sales than less family-friendly ones
While many establishments have sought to position themselves as family destinations, however, few truly cater to the diverse needs and considerations of a family unit. It is thus heartwarming for me to note that the Shabu-Shi Buffet Restaurant at the newly opened nex Shopping Mall offered discounts not just for kids, but seniors and students too. In fact, it is probably the only outlet I have seen thus far that have a four-tier pricing structure as seen below:
Having different prices for different demographic segments is a good idea, as it considers the unique circumstances of people at different life stages. For example, kids are unlikely to be big eaters, students are often broke, while seniors normally eat less than a typical adult.
Doing so also helps to remove the perceived 'high price of dining out' barrier that large and extended families commonly face.
The million dollar question, however, is whether it serves fresh and delicious food for its steamboat buffet. Unfortunately, my family and I were already full when we saw its outlet and thus we didn't have a chance to sample the buffet. If you did, do let me know how you find it.
Labels: advertising and promotions, concessions, consumer marketing, discounts, family friendly business, Nexus 2007, offers, shabu shi