Harris Poll: Restaurant Marketplace Is Likely to Worsen
Results of a new Harris Poll released today are hardly consoling for a restaurant industry already seeing diners staying home and restaurant sales (especially in mid-price concepts) down significantly. The researcher talked to 2,355 U.S. adults and found that three out of four say they are likely to further reduce restaurant spending over the next six months.
The outlook for dining out is even slightly more dire than it is for other entertainment options, with 38% saying it is very likely they will cut restaurant spending. That compares with 37% saying it is very likely they will cut back on entertainment such as movies and sports events.
According to the Harris Poll, consumer dining-out intentions are actually softer than it was five months ago when concern about the economy was sharpest. In November 2008, 65% of consumers said they were likely to cut restaurant spending. Now, 74% of consumers say a reduction is likely. And two-thirds of the consumers polled say it is not likely that they will take a vacation away from home lasting more than a week. That doesn’t bode well for any hope of a summer sales surge for the restaurant industry.
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Not good news for what’s already a tough business. I hope that other 26% remember to tip well.