Pain at the pump is hurting consumer spending

May 17, 2011

As the price of oil increases so too does the cost of gasoline. Americans are definitely, now more than ever, feeling the pain at the pump and its effect is changing the way consumers are spending. With the national price of gasoline at $4  in our already hurting economy, it becomes a huge factor on the where Americans spend their dollars.

In fact, a recent study by America’s Research Group, is showing a correlation between high gas prices and people spending less on shopping trips, and even groceries. Restaurant owners, listen to this: the study found 53 percent of survey participants stating cutting back on “small luxuries” such as dining out.

With this is mind, it is ever important for restaurant owners to think creatively by offering value that most Americans are seeking, whether it is a discount for certain qualifying purchases, through a loyalty program or even through use of coupons (online and mail). These are just a few tips among many to help restaurants weather out this economic storm. For more assistance, feel free to browse our articles or contact Synergy directly.