Technomic Finds Economic Downturn Still Affecting Consumers' Food Buying Behavior
Results from Technomic's latest consumer sentiment survey reveal that consumers continue to remain highly concerned about the U.S. economy, their personal financial situation and job security. In addition, 51 percent of consumers believe the economy will worsen this year and only 26 percent think it will improve.
The researchers also noted a jump in the recognition of the need to save more and spend less - 87 percent now say that is their intention vs. 74 percent in December 2008, the last time Technomic polled consumers on that issue.
As a result, Technomic believes the food industry will feel the effects of the prevailing pessimism. Bob Goldin, Technomic Executive Vice President, notes that 'consumers express a strong desire to economize. 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.' Goldin also notes that consumer sentiments suggest that a near-term rebound in consumer food spending is highly unlikely.
Logos, product and company names mentioned are the property of their respective owners.
- VooDoo BBQ Franchise Appoints Chef and Business Vet Gregg Frazer to Executive Team
- OpenTable Diner Reviews Reveal Top 100 Outdoor Dining Restaurants
- Menchie's Celebrates New Milestone As the World's Largest Self-Serve Frozen Yogurt Franchise
- Tossed® Adds Some Green to Boston's Financial District with New Eatery
- Granite City Food & Brewery Completes Sale-Leaseback of Troy, Michigan Location
- Beef is Taking a Back Burner to Chicken
- Restaurant Trends - Growing And Emerging Concepts - Change and Activity May 22, 2012
- New Cornell Restaurant Table Simulator Uses Excel Platform
- Technomic's Fast-Casual Top 150 Continues to Lead U.S. Chain Restaurant Growth
- Restaurant Trends - Growing And Emerging Concepts - Change and Activity May 15, 2012
