Premium food at exclusive venues
Lower-income people started cutting back on spending last year, but not the wealthy: Luxury ingredients such as wagyu beef and caviar are enjoying increased sales.
“If you want dinner tonight at a big-city upscale restaurant, forget it ... they’re overbooked,” hospitality consulting firm Baum & Whiteman said in its end-of-year report for 2022. “Some have hundreds of hungry souls on waiting lists. The more expensive the restaurant, the longer the list.”
Meanwhile, they report a surge in private clubs with extremely high membership fees — up to $500,000 annually (see NFTs above).
“Entire mansions are converted into multi-level clubs ... multi-level meaning four stories or more, with accessibility to certain spaces based on what you’ve sunk into your initiation fee,” the report said.