Be happy, nobody likes a downer.

6 10 2008

There’s little doubt that the financial decline of the American economy is negatively affecting consumer spending. Consumers will tighten their budgets, spend less, survive with less – and will probably make fewer credit card errors than they did over the past 7 years, if they haven’t learned that lesson already. They’ll eat out in restaurants less often, travel less and won’t shell out for those big-ticket items… although according to Fast Casual magazine: “Competition is getting tougher” within the segment. Fast-casual chains will hone in on satisfying the needs of their target customers. They might try to get attention and cater to their best customers by giving them tastier options, new flavors and spices, high quality ingredients and fresh and/or healthy menu options.

But, all this comes with certain small sacrifices. Suppliers and distributors will get crunched by the retailer in order for them to pass along more affordable prices to their customer. The real problem-solvers will see that loyalty and relationships will be a priority – both with their suppliers and their customers. Come to agreeable cost margins and maintain good service. Simply put, it’s easier to do business when people are happy. Even if the economy is not.

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