Restaurant Sales Fall but Consumers Still Interested

Restaurant Sales2023WEB
Photo by Ali Inay on Unsplash.

Consumer spending trended lower as 2022 wrapped up, “flashing a potential warning sign for diminished consumer activity in the months ahead,” according to research posted Jan. 18 from the National Restaurant Association.

Eating and drinking places registered total sales of $88.3 billion on a seasonally adjusted basis in December, according to preliminary data from the U.S. Census Bureau. That was down 0.9% from November’s downward-revised volume of $89.2 billion. Non-restaurant retail sectors experienced a more substantial consumer pullback in spending.

However, the association points out, pent-up demand holds firm. It reports that 44% of adults say in a January survey that they’re not going out to restaurants as often as they would like. Additionally, 36% of adults say they’re not ordering takeout or delivery from restaurants as often as they would like.

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