Consumer-Decides: restaurants asking you what you're willing to pay

Sydney restaurants have seen a decline in customers recently as many of us tighten our belts and try to brave the current economic uncertainty. There are, however, some restaurants with their finger on the pulse regarding what their clientele are looking for most right now: a cheap night out.

Sobo on Bondi Beach is one such restaurant. To draw in a crowd and keep bums in seats, restaurateur Adam Gerondis has devised the perfect menu along with the perfect asking price: the Sobo Credit Crunch Menu, where you pay what you feel.

While Sobo offers this deal until 9 April, such negotiable pricing systems could signify an emerging trend in business, with other restaurants and businesses doing likewise.

In February, London restaurant The Little Bay offered their customers the same flexibility to pay what they felt their meal was worth, while in Melbourne the vegetarian organic restaurant Lentil as Anything has been offering this same consumer-decides system since 2000. While a not-for-profit community organisation largely staffed by volunteers, Lentil as Anything is gaining in popularity, with its two restaurants always busy, and also operates the same service to Collingwood College canteen.

The customer-decides model has even extended as far as hotels, with budget hotel chain Ibis in Singapore also offering guests the opportunity to set the price of their stay in February.

And it makes sense, given that we as consumers are less likely to part with our money without a great deal or a sense of loyalty involved. To my mind, the customer-decides model ticks both of these boxes, whilst also ensuring greater quality of product and service, given that their payment in dependent on our overall contentment at the end. It's a model I'd be willing to pay good money to which hopefully more Sydney restaurants and businesses will adopt.