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.
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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.
