No Appetite for the Power Lunch. NewsWire

NewsWire: 8/6/22

• Another casualty of the pandemic: the “power lunch.” High-end destinations popular with the office crowd are losing ground to remote work and fast-casual chains. (The New York Times)
• NH: Generations of power brokers have made deals and built business relationships over expensive plates of steak frites and sashimi. But in the age of remote work and high inflation, power lunches are becoming another casualty of the pandemic.
• In the first four months of 2022, the number of lunch reservations at restaurants with an average check of $50 or more were down -38% in New York City compared to the same period in 2019. In Washington, DC, the decline was also -38%; Chicago, -58%; and Philadelphia, -54%.
• Many of these meetings are now being conducted over Zoom over boxes of takeout food. With people’s availability and location changing day-by-day, it’s more difficult to schedule in-person lunches. And pricey restaurants say that with fewer high-paying customers, it’s more cost-effective to close for lunch and only serve dinner instead.
• To be sure, the business lunch was losing ground even before the pandemic. Tax deductions for business meals have steadily declined over time as public opinion has grown less favorable. The current limit, 50%, was enacted in 1994. This was down from 80% in the 1980s, and 100% before that. (In 2021 and 2022, the limit was raised to 100% again, but this is a temporary move intended as pandemic tax relief.)
• As David Moore, the owner of a Michelin-starred French restaurant in London, told The Times: “The business lunch was waning [before Covid] but still had a pulse. Covid and working from home have put the final nails in the coffin.”

DID YOU KNOW?

• Hello, My Name is Finnish. Raaka chocolate. Vuori clothing. Kukkula wine. Kuuma grills. What do all of these company names have in common? They’re Finnish words. An increasing number of American startups are mining the language for distinctive brand names. While Finnish is considered one of the most difficult languages for English speakers to learn, it’s rife with short words that are easy for them to pronounce. Brands have long drawn from different languages to convey certain cultural associations—think French-inspired bakery chain Au Bon Pain, for example. But the appeal of the Finnish language is that it carries no association for the average American and is generally free of any offensive connotations. A Finnish name also makes it less likely for a startup to be hit with a trademark claim. While a few of the founders of these startups actually have Finnish backgrounds, most simply see the language as a way to stand out from their competitors.