More Bars And Restaurants Using 'Dynamic Pricing' To Reflect Consumer Demand

NEW YORK (CBSNewYork) -- The early bird dinner just got more appealing.

Restaurants and bars across the country are considering raising prices during busier times, and as CBS2's Cindy Hsu reported, some have already put it into action.

The time could come where the cost of a tequila shot depends on what everyone else is drinking. A real-time ticker at a San Diego bar shows prices that can change by the minute.

"I should be paying more attention to my husband, but I've been watching the screen," Lindsey Dekuiper said.

Under 'dynamic pricing' or 'smart pricing' prices fluctuate with consumer demand. It's been around for years.

Airlines hike up ticket prices ahead of busy periods like holidays, Air BnB does it, and ride share companies like Uber call it surge pricing.

Amazon also changes prices based on demand and behavior.

"The reason why this is possible is that we live in the era of big data. We leave a trail of everything we do. Our browsing behavior, our purchase behavior, they use this information to predict demand," University of Washington Professor Jonathan Zhang said.

While you might get stuck paying more at your favorite restaurant or bar you can also get a deal if you avoid peak times.

"The idea is that you want to maximize profit," Zhang said.

Some customers seemed to get a kick out of the changing prices.

"It shows you a real world, stock market type of environment," Janelle Durrer said.

Like Wall Street there will be winners and losers as demand for dynamic pricing increases.

Universal Studies, Disneyland, Broadway, and the New York Mets all use smart pricing.