June 28, 2021: Restaurant Sales Surpass Grocery Sales
Happy Mouth
English - June 28, 2021 10:00 - 19 minutes - 18.3 MB - ★★★★★ - 4 ratingsFood Arts News News Commentary Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
For the first time in more than a year, people are spending more money at restaurants than on their groceries. It’s yet another sign that the hospitality industry is bouncing back in a big way as the coronavirus pandemic begins to fade away and consumers return to normal life.
Join chef Nyesha Arrington and restaurateur Philip Camino as they break down the details of restaurant spending compared to grocery spending. Philip and Nyesha also share their thoughts on why the dynamic has flipped, how restaurants might have to start charging more, and how Amazon’s purchase of Whole Foods could continue to change things after the pandemic.
Listen to Philip and Nyesha discuss restaurant sales:
Customers are spending more at restaurants than on groceries for the first time since February 2020
Prior to the coronavirus pandemic, restaurant sales exceed grocery sales
In April 2019, restaurant sales were $63.62 billion compared to $57.25 billion for groceries
In April 2020, restaurant sales plummeted to just $29.9 billion -- a 30-year low
At the other hand, grocery sales skyrocketed up to $75 billion in March 2020 thanks in part to panic buying, COVID-19 restrictions, and the ease of grocery delivery apps
As of May 2021, restaurant sales totaled $67.3 billion -- an increase from pre-pandemic times
Links:
Restaurant Business Online - Consumers are back to spending more at restaurants than at grocers
Happy Mouth May 26 episode on food insecurity
Happy Mouth May 17 episode on the restaurant boom
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