Consumers are eating out less often
Envestnet® | Yodlee® data shows that restaurant visits declined for most of 2023 versus 2022, with exceptions seen as the holidays approached in November and December (see Figure 1). According to a report from The Food Institute, January 2023 saw a strong start in overall dining spend from consumers compared to the year before, but softened as the year progressed. Some of the reasons consumers frequented restaurants fewer times throughout the year included an uncertain economy and higher menu prices.
Restaurant food costs are up
According to Yodlee data, spend on restaurant food per person was higher throughout 2023 compared to the previous year. One of the months with the largest increases in year-over-year spending per visitor occurred in November 2023, when spending rose 14%. (see Figure 2).
According to the latest U.S. Census Bureau data, Americans are spending more on restaurant food. Spending in this category increased nearly 10% nationwide between July 2023 to November 2023 for an average of $222 spent on eating restaurant food every month. And according to a report from the U.S. Department of Agriculture, the cost of restaurant food is up 5% since the beginning of 2023.
People are going out to eat less, but when they do, it’s taking a bigger bite out of their budgets.
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About Envestnet | Yodlee Merchant, Retail, Shopper, and Spend Insights
Envestnet | Yodlee Merchant, Retail, Shopper, and Spend Insights utilize de-identified transaction data from a diverse and dynamic set of data from millions of accounts to identify patterns and context to inform spending and income trends. The trends reflect analysis and insights from the Envestnet | Yodlee data analysis team. By combining data with intelligence – connecting vast amounts of actual de-identified shopping data with state-of-the-art analytics and machine learning – Envestnet | Yodlee provides visibility into a large set of shopping daily purchase behavior including, but not limited to, transactions, customer lifetime values, and merchant/retailer shares.
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