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The researchers also noted a jump in the recognition of the need to save more and spend less – 87 percent now say that is their intention vs. 74 percent in December 2008, the last time Technomic polled consumers on that issue.
As a result, Technomic believes the food industry will feel the effects of the prevailing pessimism.
Bob Goldin, Technomic executive vice president, says that “consumers express a strong desire to economize. This is apparent in the large number who plan to scale back visits to high-priced restaurants and coffee shops, reduce spending at restaurants and other retail venues, increase purchases of store brand groceries, make more meals at home, use coupons and take advantage of discounts and deals.”
Goldin also says consumer sentiments suggest that a near-term rebound in consumer food spending is highly unlikely.