Wednesday, September 23, 2009
Recession proof vs. consumer debt
I ate at a Golden Corral Restaurant on a recent Monday night and was surprised at how many people -- especially large families — were eating there.
I had just looked at a Layton City, Utah sales tax report, which may be typical of trends in most other cities too.
There were double digit decreases in all areas of sales tax revenue, except two — restaurants and grocery stores. Those areas only had 2 percent decines, meaning they are almost recession proof.
You've got to eat right?
However, I still think it is a problem that some Americans eat out regularly, even though they rack up a lot of debt in other areas.
The two percent decrease in restaurant sales taxes is too small of a decrease to notice. The restaurants I see in northern Utah all seem plenty busy/crowded still.
Americans just aren't fully willing yet to cut back, save and halt their debt in my opinion.
I consider eating out a luxury I only do when I can afford it and yet I don't seem to be typical.