Jim Woods

It's No Picnic for Restaurants

by Jim Woods   01/12/09

If you want to see the effect of this recession first-hand, why don't you go to your favorite restaurant?

Chances are the place will be a ghost town.

According to ChangeWave's December consumer survey, it looks like more belt-tightening went on last month when it came to dining out.

The survey of 1,308 consumers focused on dining habits and found a further weakening in restaurant spending, which reflects the current recessionary environment.

Fifty-one percent of respondents said they'll be spending less money at restaurants -- an all-time high in a ChangeWave survey. Only 7% said they'll be spending more -- unchanged from November.

The year-over-year decline (December 2008 versus November 2007) was an unprecedented 41 points.