Consumer spending at restaurants is expected to weaken throughout the summer, as consumer confidence and intent to spend continue a five-month decline, according to Kurt Salmon’s Restaurant Spending Trajectory.
“Although restaurants saw a small spending uptick in May, consumers are still cautious about the fragile economy and are making increasingly concerted efforts to trim spending,” said restaurant strategist Todd Hooper. “Going out to eat can be an easy target for those looking to reduce spending, and consumers will cut back on marginal restaurant visits and stop frequenting weaker concepts. Restaurants that establish themselves as core to consumers’ lifestyles will still do well.”
29 June 2011