The last year has been trying on the world’s economy and restaurants are fighting to stay afloat. British Columbia’s restaurant sector has shown a decline in the past year but has started to bounce back. The flow of customers into restaurants across Canada has increased however the average check has declined. 
This decline is stated by Mario Toneguzzi in the Calgary Hearld, “The average cheque per person slipped by 1.3 percent to $6.92”. Although people are still dining out they have changed where they dine. More people are going to restaurants that are in a lower price bracket or looking for restaurants that offer prix fixed menus or discounts. Fast food restaurants are cheap and convenient but diners still want to go out to a full service restaurant and be wined and dined. Restaurant owners have realized the consumers need for value and a lot of menus are adapting their price points to ensure the value for the dollar. Ian Tostenson, CEO of BC Restaurant News, states, “We have the most adaptable business model, and we can quickly adjust menu offerings, pricing, variety and the guest experience faster than most businesses” (pg 5). A customer will feel better about going out for a nice meal if they know how much it will cost and what exactly they are getting. The value of the experience must outweigh the price in order for the consumer to feel content. This is why “prix fixe menus” are the “biggest trend” in high end restaurants, according to Anya Levykh, Metro Vancouver. She has posted her top 10 picks of prix fixe menus in Vancouver, BC.
British Columbian’s are becoming more price conscious and have started to save some of their disposable income. Fiona Anderson accounts for the change in the Vancouver Sun, “In 2008, B.C. residents had a negative savings rate — measured as a percentage of disposable or after-tax income — of minus 2.9 per cent, an improvement over the negative 5.9 per cent savings rate in 2007”. 
This affects the amount of money people are willing to spend on dining out. Restaurant owners in Vancouver are holding on till the 2010 Olympics which will hopefully repair the damage the recession has inflicted on the restaurant industry. The Olympics are predicted to inject billions into British Columbia’s economy. This is restoring hope in Vancouverites and giving business owners motivation to stay on top of the game so they too can have a piece of the pie. Vancouver restaurants are heavily relying on the Olimpics to bring them out of the red and back to a healthy state of business. Within the last year restaurants have been popping up everywhere and Vancouver’s downtown sector is saturated with competitive restaurants all fighting to stay alive. The restaurant industry is very competitive and it is crucial to stay up to date with the latest trends. Consumers are more aware of their needs than ever before and they are taking the steps to get what they want which is increasing buyer power. There are many proactive Vancouverites that want to invest in the health and longevity of BC’s economy. Programs such as Eat & Drink BC are keeping the flow of money within BC and motivating people to buy locally produced products. This is a great way to stimulate the growth within the economy. Tostenson says to “Take advantage of programs like Eat & Drink BC that can drive sales into your restaurant during the shoulder season” (pg 5).
The decline in tourism and the increasing number of price conscious consumers has had an effect on many restaurants resulting in many of them closing their doors and others changing their strategic direction. Tostenson says “In many ways, this last 8 months have shown us a new reality which has forced us to rethink priorities and strengthen our business approach” (pg 4). This economic downturn may be what the restaurant industry needed, the survival of the fittest. Restaurant owners are refocusing their efforts on the consumer’s needs and wants and this is where the focus should lie.