The result is often a complete and immediate re-evaluation of priorities. The public perception can be quite different. Perception is everything. The best hospitality operators are those who become masters at managing perceptions. You have to be very clever to justify expensive dining when diners know they can emerge from the local well-run 'cheap and cheerful' with bill a fraction of yours, and yet with a similar feeling of satisfaction.
Consistency is also a critical factor in perception.
You are not doing yourself any favours if your standards vary. You put your social standing on the line every time you recommend a restaurant or take someone to one. If you go to a restaurant and it is brilliant, you usually tell others. How often has somebody passed back to you that they went to a restaurant on your recommendation and were not impressed. Your customers lose big brownie points in the social stakes if you are inconsistent.