It always takes a year or two for the business to really feel it. First, it takes consumers awhile to visit and realize the prices are so high. Most people aren’t going to McDonald’s every week. And sometimes it takes a few visits before they really notice the sting.
Eventually, the place just gets a reputation for being pricey, and people slowly stop going. But it’s a frog in a boiling pot thing, and of course the executives search for any other reason besides their own pricing decisions from 18 months ago.
Have you ever noticed in those surveys they always ask “what can we do better?” And the answers usually don’t include “be cheaper”.