Nationwide Restaurant Spending Is Only Down 1%

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Nationwide Restaurant Spending Is Only Down 1%
<a href="https://pixabay.com/users/Free-Photos/">Free-Photos</a> / Pixabay

Restaurant spending only down 1% in 2020, according to new data study

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2020 has been an incredibly trying time for restaurants with all of the shutdowns, but recent data from a study done by TOP Data and Zenreach shows it’s not as bad as people may think. Overall nationwide restaurant spending is only down 1% from where it was in January 2020. In fact, many states have seen an increase in restaurant spending since the pandemic started.

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The States Where Restaurant Spending Has Increased

Here’s the top states that are currently spending more at restaurants than they did in January 2020, in terms of their percent increase:

  • Washington - 26%
  • Utah - 24%
  • South Dakota - 20%
  • Alaska - 19%
  • Alabama - 18%
  • Nebraska - 18%
  • North Dakota - 16%
  • Indiana - 15%
  • Montana - 15%
  • Kentucky - 14%
  • Delaware - 14%
  • Wisconsin - 13%

The States Where Restaurant Spending Has Decreased

And here’s a list of the states spending less at restaurants than they did in January 2020, in terms of their percent decrease:

  • Idaho - 47%
  • Massachusetts - 41%
  • Rhode Island - 34%
  • California - 29%
  • New Jersey - 24%
  • New Hampshire - 19%
  • New York - 18%
  • Connecticut - 17%
  • Florida - 11%
  • Michigan - 11%
  • Nevada - 10%
  • Pennsylvania - 7%

According to Zenreach, the brick-and-mortar marketing experts that have been tracking restaurant foot traffic across the country, we’ve still got a long way to go for restaurants to fully recover. John Kelly, CEO of Zenreach, says “With the number of COVID-19 cases skyrocketing and with the return of more business restrictions, it’s clear we will not be out of the woods for a bit. The difference, however, between this recent wave of closures and the ones which took place earlier in the year is that we now better understand the formula for getting through this challenging period.  

If you can create a safe dining environment, effectively target your best customers, and maintain (or even boost) your marketing spend, the more likely you are to successfully drive customers into your locations and sustain your restaurant business during this challenging time.”

Restaurant Spending

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Jacob Wolinsky is the founder of ValueWalk.com, a popular value investing and hedge fund focused investment website. Jacob worked as an equity analyst first at a micro-cap focused private equity firm, followed by a stint at a smid cap focused research shop. Jacob lives with his wife and four kids in Passaic NJ. - Email: jacob(at)valuewalk.com - Twitter username: JacobWolinsky - Full Disclosure: I do not purchase any equities anymore to avoid even the appearance of a conflict of interest and because at times I may receive grey areas of insider information. I have a few existing holdings from years ago, but I have sold off most of the equities and now only purchase mutual funds and some ETFs. I also own a few grams of Gold and Silver

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