Clearly, restaurants and bars have their work cut out for them if they wish to capture their share of the scarce entertainment dollars in the market right now. When the main criteria for where to go becomes "whatever is nearby and cheap," that is bad news for those in the industry.
Making it even more difficult for restaurant and bar owners, people are traveling less as well for the entertainment. 40% of respondents indicated that they mainly stick close to home now, or combine entertainment such as dining at a restaurant close to a movie theater.
Even teenagers, normally prolific entertainment spenders, are feeling the pinch. Parents are reducing allowances, which in turn has caused teens to reevaluate their financial priorities. "My parents are definitely a lot stricter on how much cash they give me," lamented John Demet, 17, "I should probably look into getting a job soon if I ever want to have a girlfriend."
That may be easier said than done. The unemployment rate in Atlanta hit 10.1% in December, up from 7.6% in December 2008. In the entertainment industry, this has lead to a vicious cycle. Fewer consumers have jobs, and those that do are more fearful for their economic future than before. In...
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