Consumers Cutting Back on Restaurants
September 25th, 2007Via: AP:
More than half of U.S. consumers plan to eat out less in the next three months due to jitters over declining home values, high gas prices and the overall economy, according to a survey by RBC Capital Markets.
The survey of 1,000 people found that 54 percent of Americans said they would eat at restaurants less often over the next three months. Two of five respondents said they are already dining out less frequently than they were six months ago.
“Volatile stock markets, declining home values, higher energy costs and overall concern about the economy are reducing Americans’ appetite for dining out,” RBC analyst Larry Miller said in a statement.
The survey’s results come as many sit-down restaurant chains are struggling to reel in customers, while cheaper fast-food restaurants are generally seeing strong sales.
