PRESS RELEASE: NEWPORT BEACH, Calif.–(BUSINESS WIRE)–Citing further contraction in the economy, a continuing slowdown in consumer spending, and accelerating job losses, foodservice consultancy Technomic revised its 2009 U.S. foodservice industry nominal growth forecast downward to -2.2 percent. With both real and nominal growth now dipping into negative territory, the firm expects 2009 will be the worst year for foodservice since it began tracking performance in 1972.
In comments delivered to clients at its Foodservice Planning Program meeting, Technomic acknowledged that lower commodity prices will help operators reduce the need to take price increases in this tough economic environment. “However, even if the economy were to improve quickly in the second half of 2009, real growth is expected to remain negative,” added Joe Pawlak, Technomic vice president.
Additional details on Technomic’s current forecast for all major U.S. foodservice segments can be viewed at their web site, www.technomic.com/facts/forecast.html, or by contacting Technomic at 312-876-0004.
About Technomic, Inc.
Technomic provides clients with the facts, insights and consulting support they need to enhance their business strategies, decisions and results. Its services include numerous publications and digital products, as well as proprietary studies and ongoing research on all aspects of the food industry.