"spending" news and stories

Despite the current economic downturn, the vast majority of Americans are still spending their money eating out. A recent article from USA Today explains that between 2007 and 2008 there was no change in the amount of people purchasing meals outside of the home. According to NPD Group, a marketing research firm, Americans bought 1% more meals at a restaurant in November of 2008 than November 2007.

As NPD vice president Harry Balzar states: "There hasn't been a recession in eating. We may postpone a car purchase or a new coat, but we won't postpone eating." The survey USA Today refers to deals with all kinds of eating out, whether it's at a three-star Michelin restaurant or McDonald's. I'd be curious to know how certain categories of restaurants are holding up through this economic decline. The article does point out that people are trying to save money and time, and, as a result, they are turning to "inexpensive takeout options."

Check out the poll below to let us know if your eating habits have changed.

We've all been there: You save 20¢ buying generic at the grocery store only to blow $10 on two beers at your favorite bar. Or even more guilt-inducing, you forgo a first-rate happy hour special in favor of a pint of your favorite imported or craft brew. Such examples are especially apt during the U.S.'s recent economic downturn when saving money has become top priority for many Americans.

But don't worry. You're not the only one. As reported by the AP, people are saying: "Recession? Eat, drink, and be merry." Jane Wardell reports that Anheuser-Busch turned a profit despite the rising costs of things such as barley, wheat and fuel. "The company is so confident that consumers won't abandon beer," she continues, "that it plans to increase prices for popular brands like Budweiser and Bud Light to stay ahead of the higher costs." Yikes.

File beer under "affordable luxuries" -- those mini-spending sprees we all occasionally need to keep us feeling sane. Milwaukee's Kate Brozovich said: "I'd rather spend $4 or $5 on quality beer than $3 on hopped up water. It's worth the extra buck or two to get quality." Hear, hear!

Long story short: No need to feel guilty about your beer splurging. Turns out you're just normal. (But feel free to read the long story too.)

Interesting side note: I read a study last year about "jet-setters" (people who own their own jets) that concluded that the average jet-setter spends more on alcohol each year than the median American income. Now THAT is splurging!

[via the Associated Press]