NRA response

As to how the restaurant industry would respond to a recession, I received a reply from Maureen Ryan, media relations manager for the National Restaurant Association. From Maureen:

"Restaurants are an essential part of many consumers' lives meaning that while economic growth may slow, consumers will not give up dining out. Just look at the 2001 recessionary period where the industry continued to post positive real gains, although at a more modest rate. Let me follow my comment up with one statistic - 82% of consumers say that going to restaurants with family and friends is a better use of leisure time than cooking and cleaning up."

TK: I agree we Americans place a great deal of stock on convenience and we won't "give up" dining out, but I still wonder if the 4.4% growth rate may be on the high side for next year. I would look for consumers to "trade down" and frequent more value-oriented quick serve restaurants in 2008. I'm frankly amazed that 18% of consumers think cooking and cleaning is a better use of leisure time than "going to restaurants with family and friends." How fun are those folks?