NEW YORK, Sept. 24 /PRNewswire-FirstCall/ - Fifty-four percent of Americans said they will eat out at restaurants less over the next three months, according to a survey of 1,000 people released today in conjunction with the RBC Capital Markets Annual Consumer Conference, attended by some of the nation's leading restaurant and consumer company executives and investors. ... In fact, the study showed that Americans already have tightened their belts, with two in five acknowledging that they are dining out less frequently today than six months ago. Consumers that cut back tended to fall into one or more of the following demographics: females, Generation Y/Baby Boomers, household incomes under $50,000, unemployed, Northeast and Southern U.S. The 11 percent of consumers that said they increased their frequency were predominantly male, age 18-29, single, and prefer fast food. According to Miller, the concern among Baby Boomers helps explain the relative weakness in casual dining, as they are the core users. The survey findings correlate with the latest RBC CASH (Consumer Attitudes and Spending by Household) Index, a monthly nationwide sample of 1,000 U.S. households. Consumer confidence declined significantly this month as the CASH Index declined to 71.1 in September from 89.3 in August.
Target is considering selling its credit card portfolio, too. That's quite significant.