Consumers cutting back on restaurants: survey

LOS ANGELES (Reuters) - More than half of U.S. consumers plan to eat out less in the next three months due to jitters over declining home values, high gas prices and the overall economy, according to a survey by RBC Capital Markets.

The survey of 1,000 people found that 54 percent of Americans said they would eat at restaurants less often over the next three months. Two of five respondents said they are already dining out less frequently than they were six months ago.

"Volatile stock markets, declining home values, higher energy costs and overall concern about the economy are reducing Americans' appetite for dining out," RBC analyst Larry Miller said in a statement.

The survey's results come as many sit-down restaurant chains are struggling to reel in customers, while cheaper fast-food restaurants are generally seeing strong sales.

Last week, bar-and-grill chain Ruby Tuesday Inc. warned that its quarterly earnings would fall short of Wall Street estimates as higher gas prices, interest rates and competitive discounting hurt sales.

In contrast, hamburger chain McDonald's Corp. a week earlier reported an 8.1 percent rise in August same-store sales, easily beating analysts' expectations on strong breakfast and beverage sales in the United States.

Nevertheless, price is not the main factor consumers consider when choosing a restaurant, the survey said.

Fifty-five percent said food quality was the biggest driver, while 18 percent said menu offerings. Just 12 percent of respondents said price was their main consideration, and 10 percent said convenience.

Women, baby boomers, people with household incomes under $50,000 and residents of the U.S. Northeast and South were the most likely to have cut back on restaurant meals, the survey said.