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Consumer Spending Shifts from Retail to Services for Restaurants

table and chairs

Photo by Noah Fecks

On the heels of reopenings in many of the US’ major cities, it looks as though consumers will be putting their money towards services instead of goods – finally marking a piece of good news for restaurants. The lifting of restrictions and increased vaccination rates have prompted many consumers to lay their pandemic retail shopping to rest as they opt for going out to restaurants, bars, and nightclubs for the first time in many months. As many retail items from home decor to automobiles are facing massive production backlogs, consumers who are yearning to go out and spend their money are being welcomed into restaurants’ open arms. Experts are even preemptively attributing the economic recovery this year to this wave of consumer spending on services at large, especially with regards to hospitality. 

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