During an otherwise lean season for pubs, bars and restaurants because of people being away on summer vacations, the IPL final in Chennai triggered a dramatic spike in footfall and sales across the cricket-crazy nation, executives said.
The cost of dining out and ordering in restaurants is rising, with bills potentially rising 5-8% starting this month. This is the first increase in about 1.5 years, as prices of cocoa, coffee, palm oil, and sugar have surged over the past quarter. Cocoa prices have reached a record, reaching over $10,000 per tonne, following disappointing harvests in key producing countries such as Ghana and Ivory Coast. Cocoa prices have doubled in the January-March quarter from the preceding one, and cocoa butter has risen over 150% in just one year.
Eating out and ordering in are getting costlier, as also chocolates. Bills at quick service and fine-dining restaurants may rise 5-8% starting this month as prices of cocoa, coffee, palm oil and sugar have surged over the past quarter.
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The rebound in the hospitality sector in India has resulted in longer dining times at fine-dine restaurants, with customers spending an additional hour on average at a table. The increase in dining time has reduced table cover turnover, prompting some businesses to introduce time slots for reservations. Restaurants have observed a shift in dining behavior, with two-course meals turning into four-course affairs, including drinks and after-meal coffee.