Technomic Shifts its Restaurant Industry Forecast Downward
Citing a larger-than-expected slowdown in discretionary consumer spending, foodservice consultancy Technomic revised its 2008 U.S. foodservice industry nominal growth forecast downward from 5.1% to 3.6%.
Among the two largest segments of the industry, restaurants and bars are still expected to perform slightly better than other 'beyond restaurants' segments, at 3.8% and 3.1%, respectively.
In comments delivered to clients at its Foodservice Planning Program meeting, Technomic indicated that while the industry has enjoyed sustained growth up until now, weaker performance is expected in 2008. Factoring in a 4% rate of inflation, real spending will likely be down this year. 'Because the restaurant industry often serves as a leading economic indicator, our opinion is that the U.S. has most likely entered a recession, or is headed for one,' added Ron Paul, president of Technomic.
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