Restaurants feel the pinch as consumers spend elsewhere

08/25/2013 | Bloomberg Businessweek

Sales at U.S. casual restaurant chains fell 3.5% in July after a 2% drop in June, according to the Knapp-Track Index, as budget-conscious consumers opted to spend more on homes and cars. Spending patterns are a sign of a long-term changes in the economy, said consultant Malcolm Knapp. "Consumers' priorities change every month based on what they can afford."

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