It's been a while since there was any splurging on big parties, elegant dinners or high-end champagne.
But, "People are willing to spend again on treating themselves," says Louise Kramer, spokeswoman for the National Association for the Specialty Food Trade.
Sales of foie gras, truffles and lobster have been good and restaurants, bars and hotels are preparing for a busy New Year's.
For people in the industry, New Year's Eve is in the top five busiest days.
"Hotel room demand is up for the U.S. compared to 2009, and I have no reason to think that is going to change for New Year's Eve," says Jan Freitag, global development vice president at hotel research company STR. "People have a pent-up demand for travel," he says. "This is also the time for year-end bonuses, so if they did better than they thought, people could say, 'I have another $1,000, so I'll go away.' " Unlike last year, the Ritz-Carlton in Philadelphia is fully booked this year, says food and beverage director Martin Mariano.
The hotel will offer a fixed-price New Year's Eve dinner for guests.
The hotel will offer a fixed-price New Year's Eve dinner for guests.
More than 40% of all sparkling wine is consumed between Thanksgiving and New Year's, according to the 2010 Wine Market report from beverage publication Impact.
Those sales have been dismal the last few years but have made a comeback this year
For the 52 weeks ended Nov. 28, sparkling wine sales were up 7% to $459 million, according to market research firm SymphonyIRI Group.
Mariano says high-end drinks are also in increased demand at the Ritz-Carlton in Philadelphia, so for this year he's buying more premium champagnes, such as Dom Perignon.
"People were a little more frugal last year," he says.
As for restaurants and bars,"This New Year's Eve for restaurant sales will definitely be the best environment in several years," says National Restaurant Association research chief Hudson Riehle.
The three signature restaurants at the MGM Grand in Detroit are already booked through 11:15 p.m. on Friday, says food and beverage sales manager Zachary Gallo. Based on consumer demand, they were able to charge slightly more for the fixed-price dinners at Bourbon Steak and Wolfgang Puck Grille.
The third restaurant, Saltwater, will also offer a decadent dinner this year: a $150 5-pound Maine lobster meal. "We knew that social spending had increased over last year, and we wanted to have options for the guests that are looking for the wow factor," Gallo says.
Gallo also expects big crowds at MGM bars this year. "We are selling tickets like hotcakes" to both the V Nightclub and Ignite Sushi Bar & Lounge, he says. Last year, only about 15 tickets were presold for V and 30 for Ignite. This year, V is up to 100 and Ignite is at 150. Sales are so healthy that MGM just raised the presale price to $75 from $50.
"Business is back with a vengeance," says Cal Hancock, president of Hancock Gourmet Lobster in Cundy's Harbor, Maine. "Our products are not inexpensive, because they are made with lobster, but people are indulging."
Christmas and New Year's-related revenue will be up 25% to 30% over last year, she says. This week, a customer hosting a New Year's Eve gathering for 14 at his Texas home ordered about $750 worth of food such as lobster risotto and lobster pot pies, as well as wild berry and peach crisps.
Ariane Daguin, head of fancy-food provider D'Artagnan, says sales to restaurants across the country "are going full blast."
It's nothing like last year, this time around, restaurants are including foods like truffles, venison and foie gras to their New Year's Eve menus — and it isn't going to be cheap either.
"Things can still be expensive, but they should be expensive for a reason," she says. "It's quality rather than quantity."
