Consumer sentiment remains low
Americans remain highly concerned about the economy, their financial situation and their job security, according to a survey released on Monday by Technomic.
The Chicago firm’s latest consumer sentiment survey found that 51 percent of consumers believe the economy will worsen this year and only 26 percent think it will improve.
The survey also noted a jump in the recognition to save more and spend less; 87 percent now say they plan to do so, up from 74 percent in December 2008, the last time Technomic asked consumers this question.
As a result, the foodservice industry will continue to feel the effects of unsettled consumers, said Technomic. Upward of three-quarters of the U.S. seafood supply is consumed away from home.
“Consumers express a strong desire to economize,” said Bob Goldin, Technomic’s executive VP. “This is apparent in the large number who plan to scale back visits to high-priced restaurants and coffee shops, reduce spending at restaurants and other retail venues, increase purchases of store brand groceries, make more meals at home, use coupons and take advantage of discounts and deals.”
The survey also suggests that a near-term rebound in consumer food spending is highly unlikely.
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