Consumers and operators find a little optimism to close out the year – Nation’s Restaurant News
Still looking for a little bit of holiday spirit in the 11th hour?
How about those gas prices, which have fallen like a brick since their peak in the spring. There are now 20 states with average gas prices below $3 per gallon, according to AAA.
Related: Want to be recession proof? Take care of your guests and employees first
Why does this matter? High gas prices directly impact restaurant foot traffic, particularly at drive-thru/drive-in concepts. Consumers not only try to drive less when they pay more at the pump, they’re also forced to shift their discretionary dollars. High gas prices of course also impact businesses. When the average price-per-gallon hit record highs in March, for instance, 68% of small business owners said high fuel costs were hindering their sales. Fortunately Santa has brought us all some timely relief.
Still feeling Grinchy? Well, consider that consumer confidence in December reached its highest level since April. The Conference Board’s consumer confidence…
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