BOSTON--(BUSINESS WIRE)--Bellwether Food Group, a leading restaurant advisory firm, announced today the release of the 2nd quarter 2017 Restaurant Consumer Confidence Index (RCCI). The quarterly RCCI (January, April, July and October) represents the overall US population and measures consumer attitudes and behaviors toward restaurant usage and spending.
“The recent Restaurant Consumer Confidence Index survey shows a very pessimistic outlook for the restaurant industry. It should give every restaurant operator across the country an extra incentive to increase the level of hospitality they provide their guests,” said John Hamburger, President, Restaurant Finance Monitor.
“Our clients have been asking us for a predictive tool around consumer restaurant spending, and we’re now able to provide that,” said Rob Hardy, Founding Partner of Bellwether Food Group. “The January report accurately predicted the downturn in consumer traffic and spending in Q1 2017.”
When asked how they thought they would be doing financially a year from now 43% of consumers expect to be worse off. Hardy added, “Expectations for how often consumers will eat in restaurants over the next three months were down almost across the board for segments and dayparts, with only dinner at casual dining and fine dining showing any uptick.”
The report also confirmed that rising health care costs are taking a toll on the restaurant spending and that consumers see a value gap between eating at home when compared to eating at restaurants.
- 42% of consumers prefer going out to restaurants vs. cooking at home
- 61% of consumers feel that restaurant meals are too expensive compared to cooking at home
- 29% of consumers are eating out at restaurants less because of higher health insurance costs
For further information, or to purchase the complete Restaurant Consumer Confidence Index report, contact Mac Brand, email@example.com 773.255.6466.
Founded in 2007, Bellwether Food Group is best known for its consumer insights and branding work for chain restaurants, and pre-acquisition due diligence work for private equity firms who invest in the restaurant industry.