LIVE MARKETS-Spending at restaurants slows, but independents outperform
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SPENDING AT RESTAURANTS SLOWS, BUT INDEPENDENTS OUTPERFORM
Consumers spent less at restaurants over the past year, though independent and local dining experiences outperformed chains, according to the Bank of America Institute.
Spending at restaurant chains decelerated to minus 1.9% over the past year, while independent and local restaurants decelerated to 0.8%, the institute said, citing aggregated credit and debit card data.
“A variety of macroeconomic factors are leading consumers to cut back on their restaurant spending, namely slowing wage growth and stubbornly elevated inflation,” Liz Everett Krisberg, head of Bank of America Institute and David Michael Tinsley, senior economist at the firm said in a note.
“However, amidst this slowdown, a silver lining has emerged – spending at independent and local restaurants has some renewed momentum,” they said.
Analysis by BofA Global Research, suggests that this is likely due to independent restaurants earning back their pre-COVID market share, especially as consumers look for variety in a crowded industry.
(Karen Brettell)
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EARLIER ON LIVE MARKETS:
STABILIZING CLICK HERE
AI: GOING ROUND IN CIRCLES? CLICK HERE
BUY THE DIP AND CARRY ON: RETAIL STICKS TO THE SCRIPT CLICK HERE
MAYBE WE ARE TOO OPTIMISTIC ABOUT INFLATION CLICK HERE
TECH JITTERS KEEP STOXX SUBDUED, RARE RALLY IN COPENHAGEN CLICK HERE
BEFORE THE BELL: MORE PROFIT-TAKING IN TECH, NOVO SLIDES CLICK HERE
PYROTECHNICS IN STOCKS AND US ELECTIONS CLICK HERE