May 21, 2019

Consumers Tighten Belts When It Comes To Dining Out

financing small businessWith words like recession, DOW tumbles, and tariff impacts being throw around in the media these days, it shouldn’t be a huge surprise that consumers have become wary about what their economic future looks like. And what do consumers do when they start to worry about their future finances? Well, as you’d expect, they start to cut back on spending.

A recent article in the Specialty Food News found that consumers are currently dining out less due in part to their concern over the economic uncertainty. Restaurants have a tendency to be hard hit during tough economic times but there’s always the chance that could spill over to other channels within the food industry.

It’s worth noting though that it’s not all bad news out there. While some are worried about the future of our economy (both national and world economy!), the Consumer Confidence Board – a reporting agency that measures how confident consumers are about the economy – reported an increase in consumer confidence in their last report dated April 30th.

I wish there were an easy answer or clarity about what happens next but it seems like we’re all in the same wait-and-see boat.

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