Lower gas prices last year did not help retail sales or restaurant sales.
However, it appears that more people are ready to stop putting their gasoline savings into the bank in 2016.
According to AlixPartners, a study shows that patrons expect to pay 1.9 percent more per meal this year. This is the first time since 2007 that consumers are expecting to pay more.
Surveyed patrons anticipated spending an average of $14.25 per meal (compared to $13.99 last year).
Read the entire article at:
Survey: Consumers expect to pay more for meals this year (Nation’s Restaurant News)
At the same time, The National Retail Federation (NRF) forecasts retail sales to grow by 3.1 percent in 2016. According to the article, the expected growth is due to the easing of wage stagnation, more job creation, and steady consumer confidence.
Read the entire NRF article at:
NRF forecasts retail sales to grow 3.1 percent (National Retail Federation).