Consumer confidence at 15 year lows
Consumer confidence has fallen further in the past month according to the Westpac-Melbourne Institute index of consumer sentiment released today. The index is at 15 year lows and indicates that the interest rate rises and global economic concerns are now starting to unsettle consumers.
With restaurant sales falling by .1% last month, the weakest result for almost two and a half years, restaurateurs and cafe owners may have cause for concern as consumers continue to look at ways to cut back their spending. However, with consumers becoming increasingly time-poor, restaurants might not have too much to worry about as consumers will continue to seek alternatives to home cooking.