Tables Turn For Restaurants
They might not have hit the soup lines, but consumers suffering through the worst recession in decades certainly weren’t splurging on restaurant meals, either.
Through the end of December, the restaurant industry suffered through six straight quarters of traffic declines, according to the NPD Group.
It was the weakest and longest running downturn the research firm has seen since it began tracking the industry in the mid-1970s.
The good news is that the rate of decline is slowing.
In the quarter ending in December, year-over-year traffic fell 2.9%, better than the 4% drop in the three months ending in September. Improvements continue, analysts say.
“We’re hearing inklings of consumers spending a little bit more,” said Bonnie Riggs, NPD Group’s restaurant analyst. “We do have pent-up demand. And we do see life here and there.”
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