While more Americans ate at quick service restaurants (QSR) in Q3 2010, fewer played golf, according to [pdf] a new study from American Express. Data from the “Q3 2010 Spend Sights Report: Dining and Entertainment” indicates large businesses in particular spent more money at quick service restaurants in Q3 2010 than Q3 2009 and were the only customer demographic to spend more on golf.
QSR Has Quality Quarter
Q3 2010 was overall a very positive quarter for the US QSR industry, according to study findings. Overall, spending was 11% higher in the QSR vertical than in Q3 2009. Looking at specific customer demographics, large business spending rose the most (13%), with small businesses and overall consumers also increasing QSR spending by 11%. Affluent consumers spent 7% more in the QSR vertical.
Fine Dining Does Fine, Casual Dining Curtails Growth
In other findings on dining industry trends, the study reveals overall fine dining spending rose 7% in Q3 2010. Affluent consumer spending at casual dining establishments decreased by 4%, and overall spending in the casual dining category decreased by 1%. Restaurant spending across all restaurant categories increased from large businesses by 8% and from small businesses by 3%.
Golf Fails to Make Par
Both average and affluent consumers, along with small businesses, stayed off the golf course as Q3 2010 spending on the sport saw an overall decrease of 4% from Q3 2009. This encompassed spending drops of 5% from affluent consumers and small businesses, as well as 4% from overall consumers. Meanwhile, large businesses only increased their spending on golf by 2% as compared to the same period last year.
Other Entertainment Spending Looks Healthier
Large businesses led entertainment spending with a 9% overall increase across categories, while small business trailed with a 5% increase. The theme parks and nature category saw the most significant increase from consumers, as affluent consumers increased spend by 12% and average consumers increased by 6%.
Consumer spending on performing arts and cinema spending remained the same, while large businesses increased spend in this category by 6%
Youth Influence Entertainment Spending
Roughly four in 10 US consumers ages 8-24 will personally buy or influence the purchase of entertainment/sporting event tickets in the next month, according to a recent study from Harris Interactive. Looking at the influence young consumers have on spending in a variety of discretionary areas, “YouthPulse 2010” data indicates 40% of consumers age 8-12 will buy or influence purchase of entertainment/sporting event tickets in the next month, as will 43% of consumers age 13-17 and 45% of consumers age 18-24.
About the Data: Data are derived from transactions on the American Express payment network projected to reflect the general population in the industry, consumer and business segments shown. Average consumers are all consumers regardless of spend living in the US. Affluent consumers are the highest spending US consumers living in the most affluent neighborhoods. Small businesses are US businesses with fewer than 100 employees, and large businesses are US businesses with more than 100 employees.