Technomic: Financial Crisis Has Diners Wary
Nearly three-quarters (74 percent) of consumers responding to a Technomic survey released yesterday said they plan to dine out less frequently due to the global financial crisis.
The Chicago foodservice consulting and market research firm also found that more than half of 50 percent of consumers, and more than 70 percent of higher-income consumers, plan to spend less when they eat out.
"Our research indicates that consumers are deeply concerned about the loss in value of their home equity, stock portfolio and retirement investments and their credit card debt. As a result, they indicate clear intentions to reduce spending in a variety of ways," says Bob Goldin, executive VP of Technomic. "Restaurants will most certainly feel the effects of the pull-back."
About three-quarters of the seafood consumed in the United States occurs away from home.