According to new data from Atlanta-based RBC Capital Markets, fewer consumers plan to cut back on restaurant spending in the next three months and a larger number of consumers than in previous months actually plan to spend more at restaurants.
In RBC’s April survey of 2,717 consumers, 44 percent of the respondents said they were planning to spend less at restaurants during the next 90 days, an improvement from the 50-percent reading in March. The percentage of consumers that said they were planning to spend more at restaurants rose to 6 percent in April, from 5 percent in March.
“The stabilization [and] improvement in confidence and restaurant spending intentions support the notion we’re nearing an inflection point in consumer spending,” said RBC analyst Larry Miller. “We are seeing an improvement in spending plans over the last several months after a year of declining spending intentions.”
Even more, when the economy does improve, 44 percent of the respondents said they would spend more money on dining out and everyday entertainment, second only to 48 percent of the respondents who said they would spend more on travel.
