Technomic Study: Rising Gas Prices Damping Consumer Restaurant Spending
CHICAGO -- The impact of rising gas prices seems to be finally taking its toll on consumer restaurant spending. Roughly 18 percent of consumers polled by foodservice consultancy Technomic here said they have reduced their spending in quick-service restaurants because of higher fuel costs. Meanwhile 19 percent said they are cutting back spending at full-service restaurants.
"It appears that the threshold has been reached where consumers are feeling the pinch of higher gas prices, and are beginning to reduce their restaurant spending," said Ron Paul, president of Technomic, Inc. "We are also seeing softness in restaurant same-store sales, which we track monthly, further validating a reduction in consumer spending."
In September, Technomic will be sharing further insights regarding consumer spending and other key factors when it presents its comprehensive foodservice industry forecasts at the annual International Foodservice Manufacturers (IFMA) Forecast & Outlook seminars held in Chicago, San Francisco, and E. Rutherford, New Jersey. Further information can be found at http://www.ifmaworld.com, or by calling IFMA at (312) 540-4400.
"It appears that the threshold has been reached where consumers are feeling the pinch of higher gas prices, and are beginning to reduce their restaurant spending," said Ron Paul, president of Technomic, Inc. "We are also seeing softness in restaurant same-store sales, which we track monthly, further validating a reduction in consumer spending."
In September, Technomic will be sharing further insights regarding consumer spending and other key factors when it presents its comprehensive foodservice industry forecasts at the annual International Foodservice Manufacturers (IFMA) Forecast & Outlook seminars held in Chicago, San Francisco, and E. Rutherford, New Jersey. Further information can be found at http://www.ifmaworld.com, or by calling IFMA at (312) 540-4400.