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In looking at the Kellogg presentation from the Lehman back-to-school conference, there were two interesting slides as it relates to the restaurant industry.

The first one looks at attributes of in-home vs. out-of-home consumption of meals. Of course the slide is bullish for K and bearish for the restaurant industry.

The second one looks at market share for in-home vs. out-of-home consumption. The ability of the restaurant industry to capture additional market share in the U.S. will be dependent on the affordability factor. But the international market opportunity for the restaurant industry is very different. I’m often asked - Do you see international growth as a material growth vehicle for the casual dining industry?
  • The answer from this chart is clearly yes! But it will take time….
Food spending mix in-home versus out-of-home
In-Home consumption