Special Report: Industry Update on Restaurants
During the past few years, there has been something strange happening between the correlation of U.S. grocery store sales versus eating and drinking establishments. This week, the U.S. Census Bureau released estimates of U.S. retail and food services spending. The information released supports the trend of growing consumer spending on dining out at restaurants. Restaurant spending has displayed an impressive 3% growth, bringing total U.S. spending for the past seven months to $395.3 billion for eating out, while grocery store spending remains stagnant with only 1.6% growth at $368.3 billion.
Taking a look at the chart, you can see that for the first time in recent years, U.S. retail spending on eating and drinking establishments has outpaced grocery store sales. The pattern of the rise in eating and drinking establishment (trend has been rising since the 70’s) can be attributed to a rise in female participation in the U.S. labor force.
Peer to Peer
Although some restaurant chains experienced losses during the quarter, this story isn’t the same across the board. Overall, this quarter has seen strong growth from a number of restaurants. These companies displayed tremendous growth throughout the quarter through revenue growth and opening new restaurants, both domestic and international.
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