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August 16, 2018

US consumers spent more at restaurants over last three months

US consumers have contributed to a spending surge in restaurants over the last three months, according to the latest figures from the Commerce Department.

US consumers have contributed to a spending surge in restaurants over the last three months, according to the latest figures from the Commerce Department.

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Sales at restaurants and drinking outlets increased by 1.3% in July to $61.6bn, taking the three-month annualised gain to 25.3%, which is the fastest growth pace since 1992.

According to NatWest Markets analysts Kevin Cummins and Michelle Girard, the figures indicate ‘consumers remain quite comfortable with their personal financial situation and the economic outlook.’

Omair Sharif of Societe Generale stated that eateries contributed to 30% of the July growth in retail sales, although only 12% of the total.

“US consumers are spending their additional cash from tax cuts on eating out.”

Sharif noted: “Any mean reversion here would lead to a noticeably slower pace of retail sales in the coming months.”

One reason could be that US consumers are spending their additional cash from tax cuts on eating out. Several major restaurant companies have increased prices in the recent past to meet higher minimum wages and rent costs.

In an interview with Bloomberg, Sharif stated the gains could be partly because of the price increases associated with a hike in labour costs.

In July this year, McDonald’s posted a gain in the key measure of same-store sales, although its customer traffic dipped in its US market, indicating that fewer consumers are dining out but are spending more.

Restaurants across the industry are attracting diners through delivery services and discounts.

Free Report
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What are the key consumer trends driving FMCG in 2022?

The consumer landscape has permanently changed since the COVID-19 pandemic began, prompting trends to emerge or accelerate, causing subsequent macro-economic shifts. In order to stay relevant, Consumer Packaged Goods companies must stay abreast of these developments. It is here that GlobalData can offer valuable assistance. Download GlobalData’s Trendsights: Trends to Watch in 2022 report to:
  • Gain insight into the 12 most important trends across the FMCG value chain
  • See the consumer survey data that underpins these insights
  • Learn what early-movers are already doing in terms of NPD and product marketing
Take a look at this report to give yourself the best standing in this developing market.
by GlobalData
Enter your details here to receive your free Report.

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