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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...
The entertainment budget is often one of the first things to go. This impacts people in that industry, causing even more reduction in entertainment spending. "Times are very tough right now," notes Yolanda Press, 62.
For Atlanta's entertainment industry, economic recovery cannot come soon enough. It is clear from the survey results that Atlanta residents love to go out, on all nights of the week, but under the present circumstances they have been forced to cut back. With a recovery, the big spenders will return, marking a win-win situation for entertainment-starved citizens and recession-weary proprietors alike.
For the time being, there seems to be little that can be done. Consumers need to start going out again, patronizing their favorite restaurants and night spots. For that to happen, however, they need to feel confident about the economy, and in particular their jobs. Only then will the entertainment industry start to see its revenues increase and begin to feel a sense of relief. In the meantime, they need to continue to be creative in their marketing and promotions to attract the business of those who are…
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 an attempt to save more money, consumers are cutting out all types of discretionary spending. The entertainment budget is often one of the first things to go. This impacts people in that industry, causing even more reduction in entertainment spending. "Times are very tough right now," notes Yolanda Press, 62.
For Atlanta's entertainment industry, economic recovery cannot come soon enough. It is clear from the survey results that Atlanta residents love to go out, on all nights of the week, but under the present circumstances they have been forced to cut back. With a recovery, the big spenders will return, marking a win-win situation for entertainment-starved citizens and recession-weary proprietors alike.
For the time being, there seems to be little that can be done. Consumers need to start going out again, patronizing their favorite restaurants and night spots. For that to happen, however, they need to feel confident about the economy, and in particular their jobs. Only then will the entertainment industry start to see its revenues increase and begin to feel a sense of relief. In the meantime, they need to continue to be creative in their marketing and promotions to attract the business of those who are still going out.
Entertainment Industry Report a: Entertainment Industry Structure and Relationships. The entertainment industry in general is a complicated and often violent beast. It crushes most of the hopes and dreams it cultivates. For the handful of successful industry employees today, thousands, or even millions, have shattered dreams. At the same time, the structure of the industry is such that often even those with some success do not always achieve this long-term. This is
This economic indicator can be used to determine inequality within a given region or area. It can also be view the capacity for individuals within a particular nation to consume b. Rate of Value- $41,560 c. Source of Information- "Per Capita Personal Income U.S. And All States." Per Capita Personal Income U.S. And All States. Bureau of Business & Economic Research, 12 Oct. 12. Web. 02 Feb. 2013. d. Date of information-
Economics There are several factors that could contribute to increased demand for owner-occupied housing in the United Kingdom. Given that this demand is presently suppressed by a poor economy, most of the conditions under which demand would increase involve finding ways to boost overall economic performance. One normal policy prescription, lowering interest rates, is effectively off the table with the current rate at 0.5% and the Bank of England expected to
Economics UK Economy An analysis of the latest figures for key economic indicators and the factors which have affected these indicators. This should include the figures for unemployment, inflation and economic growth. Unemployment The unemployment rate is a very important indicator of the overall health of the economy. Currently the unemployment rate is at 7.8% (Office for National Statistics, 2012). However, this figure does not affect the population equally. Different segments of the population
This is a pattern that is relatively consistent over a long time period (Clayton & Spletzer, 2006). The only difference in 2005 was that unemployment claims did not rise in the fourth quarter with the drop in jobs, as they had done in the past. It is difficult to draw definitive conclusions as to where these employees went in the fourth quarter of 2005. To do so would be filled
Economic Diversification in Las Vegas REASON The study analyzes the aspects of economic diversification. The study aims to evaluate the structure of economy of Las Vegas. The study also examines the various possibilities of economic diversification for Las Vegas. The goal of every country of the world is to create a growing, strong and sustainable economy which improves the standard of living through creating employment and wealth, enhancing technology, encouraging knowledge and guarantying