Consumers Tightening Budgets for Dining Out

By Features FOXBusiness

Reuters

(Reuters)

Everyone enjoys a nice meal out, but Americans are looking to spend less when eating in restaurants in 2014.

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The Long-Range Consumer Sentiment Outlook report from consulting firm AlixPartners finds diners are aiming to spend 9.1% less each time they eat out this year. This is a big drop from 2013’s survey, when consumers said they expected to spend only 5% less eating out. Ten percent expect to spend more when dining out

AlixPartners predicts the casual-dining sector will be most impacted by the projections for this year.

The report also finds about one-third of customers (27%) say they expect to spend less money overall dining out compared to last year. And 59% say they expect to spend nearly the same per meal out as they did in 2013.

The dining out category topped the list of things consumers were planning to spend less cash on in 2014, followed by clothing (21%), entertainment (20%) and sports and recreation equipment and activities (20%).

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