Appetites are suppressed due to volatile stock markets, declining home values, higher energy cost and overall concern about the economy, according to RBC Capital Markets equity analyst Larry Miller.
Study results indicate 35% of Americans with incomes totaling $50,000 or more annually say they will eat out less and 62% of those making less than $25,000 annually said they would eat out less. The results of the
study, which surveyed 1,000 people, were released today at the RBC Capital Markets Annual Consumer Conference.
According to the study, Americans have already begun to limit their spending. Two of every five respondents stated they are dining out less than six months ago. Consumers who have cut back fall into one or more of the following categories: They are female, Generation Y and Baby Boomers, with household incomes under $50,000, unemployed, from the Northeast and Southern parts of the U.S. Those consumers who stated they increased their rate of recurrence were male, between the ages of 18-29, single and with a preference for fast foods.
The Survey results are in direct association with the latest RBC CASH Index. The RBC CASH index is published monthly and provides a sampling of the activities in some 1,000 U.S. Households.
Half of all respondents defined themselves as coffee lovers. Of this total, 35 percent state they buy their coffee from coffee shops, 28 percent purchase from Starbucks, one of five state they buy from McDonald's and 14 percent state they purchase their caffeine fix from Dunking donuts.
Those responding were asked what determines their choice of restaurants. The quality of the food took the top spot at 55%: Menu offerings came in second at 18%: Price ranked third at 12% and convenience at 10%.
Consumers were asked, "What they are willing to spend their money on now as compared to six months ago?" Forty percent stated they were less inclined to order the higher priced entrees, appetizers and deserts compared to 26 percent who were willing to go for the higher priced items.
Study results indicate 35% of Americans with incomes totaling $50,000 or more annually say they will eat out less and 62% of those making less than $25,000 annually said they would eat out less. The results of the
According to the study, Americans have already begun to limit their spending. Two of every five respondents stated they are dining out less than six months ago. Consumers who have cut back fall into one or more of the following categories: They are female, Generation Y and Baby Boomers, with household incomes under $50,000, unemployed, from the Northeast and Southern parts of the U.S. Those consumers who stated they increased their rate of recurrence were male, between the ages of 18-29, single and with a preference for fast foods.
The Survey results are in direct association with the latest RBC CASH Index. The RBC CASH index is published monthly and provides a sampling of the activities in some 1,000 U.S. Households.
Half of all respondents defined themselves as coffee lovers. Of this total, 35 percent state they buy their coffee from coffee shops, 28 percent purchase from Starbucks, one of five state they buy from McDonald's and 14 percent state they purchase their caffeine fix from Dunking donuts.
Those responding were asked what determines their choice of restaurants. The quality of the food took the top spot at 55%: Menu offerings came in second at 18%: Price ranked third at 12% and convenience at 10%.
Consumers were asked, "What they are willing to spend their money on now as compared to six months ago?" Forty percent stated they were less inclined to order the higher priced entrees, appetizers and deserts compared to 26 percent who were willing to go for the higher priced items.
Why We like to Eat Out at Fast Food Restaurants
Eating out at fast food restaurants has really become one of the most popular ways to buy food these days. It is the easiest way to buy food and is so convenient for us.
Dining Out on a Budget: How to Curb Your Eating Out Expenses
If you track your eating out expenses for one month, you'll be surprised how quickly the total adds up. Here are a few tips to get you on track.
Restaurant Dining for People with Allerigies: Eat Out with Care
Restaurant dining, for people with allergies, needs to be approached with care.
Is it Safe to Eat Out?
A recent analysis by the "South Florida Sun-Sentinel" uncovered some disturbing health violations in Florida restaurants. But, Florida isn't the only state with problems. What...
|
|
(Guest)