Chain Leader took some time to look at the slowing industry of restaurants. Hitting its lowest point since 1992, the Consumer Confidence Index fell to 57.2% in May. Everyone is seeing the downturn in spending, including the restaurant industry.
The largest age group to reduce eating out was 45-54 year olds. This group has cut their spending at restaurants by 60% citing mortgages and college tuitions for the reason of decreased spending.
For those who lived in a household making more than $100,000 a year, the study showed that they ate out at lest one more time a week than any other income bracket at 2.3 visits to a restaurant a week.