Technomic Finds Tax Rebates Unlikely to Boost Slumping Restaurant Industry
In its most recent consumer sentiment survey, researchers from foodservice consultancy Technomic, Inc., found that very few consumers plan to spend their economic stimulus checks at restaurants. Rather, the evidence suggests that consumers will be far more likely to save/invest the money, use it to pay off debt and/or go shopping for necessities.
Bob Goldin, Executive Vice President of Technomic, noted that the restaurant industry downturn is likely to continue for the foreseeable future. 'Consumers are strapped and have other nondiscretionary priorities with respect to the tax rebate checks they will be receiving. Unfortunately, it does not appear the restaurant industry will be a beneficiary of the stimulus program.'
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