Americans Eating Out Less Amid Economic Concerns
A 2007 report conducted by RBC Capital Markets found that 54% of Americans will eat out at restaurants less frequently over the next three months. This trend was apparent across high and low income groups, females, Generation Y/Baby Boomers, the unemployed, and those in the Northeastern and Southern U.S.
This survey related to various restaurant sector trends shows that Americans are becoming more cost conscious, with two in five respondents dining out less frequently than they had 6 months ago. Those most likely to cut back include females, Generation Y/Baby Boomers, those with incomes under $50,000, the unemployed, and those in the Northeastern and Southern U.S. Those who had increased their frequency of eating out came from segments including males, ages 18-29, single, and those who prefer fast foods.
When asked about the primary factor used to select a restaurant the following choices were mentioned:
- Food quality (55%)
- Menu offering (18%)
- Price (12%)
- Convenience (10%)