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From Domino’s Pizza
to Applebee’s, restaurant chains are reporting that sales softened in March as gas prices spiked.
The U.S. war with Iran has led to an average national gas price of more than $4.50 per gallon — and contributed to a new record low for consumer sentiment. As consumers pay more for their fuel, they are trying to save money in other areas. A survey of drivers conducted by Numerator found that 43% of respondents have cut back on dining out and takeout since gas prices started climbing.
“March and April were softer than January and February, particularly with this value-oriented consumer that we saw staying home more often or dining at lower-cost alternatives, and we attribute that to gas prices specifically and the economy more generally,” John Peyton, CEO of Applebee’s and IHOP parent Dine Brands
