If you're an entrepreneur thinking about opening a new restaurant, right now is one of the worst times for that business. As I wrote in my list of overrated businesses, restaurants are always tough, but that's especially true in a recession. Here's some evidence about just how bad it is: Forbes just published a list of the top things Americans are willing to give up. It's based on a consumer survey by GfK Custom Research.
Here's the top luxury that Americans are willing to cut back their spending on, by an overwhelming amount:
For instance, an overwhelming 82% said that dining out would be easy to abandon. While the National Restaurant Association in Washington, D.C., forecasts that Americans will spend $566 billion eating out in 2009, a 2.5% increase over 2008, discounted menus at mid- to high-end restaurants suggest otherwise.
The situation looked bad in November, and not much has happened to improve the outlook for restaurants.
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E. Kikuchi of KY 8:56AM April 22, 2009