Restaurateur Wolfgang Puck weighs in on higher costs like labor and insurance

Beef Market Trends & Costs - Beef prices continue to be high, impacting Labor Day weekend barbecues [1] - Some beef prices, especially prime beef from Nebraska, have fallen by approximately 15% since January [5] - Holiday seasons are expected to cause beef prices to rise again [6] Restaurant Business & Cost Management - Restaurants are sharing larger cuts of meat among multiple guests to manage costs, such as a Nebraska beef chop (kabuff) shared by two or three people [3] - Labor costs, especially in locations like LAX, are increasing significantly, with dishwashers potentially earning a minimum wage of $30, leading to cooks needing to be paid $40 [11] - Insurance costs in California are rising due to fires, making it difficult to obtain insurance [10] Consumer Behavior & Quality - The top-end consumer market remains relatively stable, but the middle market faces more challenges [7] - Consumers are prioritizing quality over quantity, potentially eating steak less frequently but opting for better quality [8] - Restaurants are focusing on providing great experiences and high-quality steaks to retain customers [8] Menu & Sourcing Strategies - Restaurants are using Snake River Farm beef (a cross between Wagyu and Black Angus) as a more reasonable alternative to expensive Australian Wagyu beef [3] - Dry-aged rib chops are being sliced and shared among families, served with simple sides like French fries and vegetables [14] - High-quality meat requires minimal seasoning, such as salt and pepper [4][5]