Industry News | August 30, 2005

Technomic Says Rising Gas Prices Impacting Consumer Restaurant Spending

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In a recent overnight survey conducted by Technomic, roughly 18 percent of consumers said they have reduced their spending in quick-service restaurants because of higher fuel costs; 19 percent said they are cutting back spending at full-service restaurants.

"It appears that the threshold has been reached where consumers are feeling the pinch of higher gas prices and are beginning to reduce their restaurant spending," Ron Paul, president of Technomic, Inc., said in a press release. "We are also seeing softness in restaurant same-store sales, which we track monthly, further validating a reduction in consumer spending."

n September, Technomic will be sharing further insights regarding consumer spending and other key factors when it presents its comprehensive foodservice industry forecasts at the annual International Foodservice Manufacturers (IFMA) Forecast & Outlook seminars held in Chicago, San Francisco, and E. Rutherford, New Jersey. Further information on dates and locations can be found at www.ifmaworld.com/whats_new_fs.cfm?ID=169 or by calling IFMA at 312-540-4400.

News and information presented in this release has not been corroborated by QSR, Food News Media, or Journalistic, Inc.