Americans are feeling better than ever, at least so it seems. More jobs are being created, in fact, there are more job openings than ever before and the unemployment rate is reaching historical lows.
But there’s another way to tell that Americans are doing just fine and have more than enough money to spend. You only have to look at how often they are visiting restaurants and bars, and how much they spend there on average.
There’s a pretty logical reason for this: when money is tight or people are afraid they might lose their jobs, they tend to eat at home more often. But when people are confident about their employment and have enough money to spend they like to indulge in the finer things in life, like going out to a restaurant.
And looking at how much the average American has spent in restaurants and bars since early spring, you’ll see that it hasn’t been that much in over 25 years. Between August 2017 to August 2018 sales on food and drinks purchased in the restaurant business have gone up by 10.1%.
When looking at fluctuations in the amount that people eat out it is also crucial to consider natural events and not just the economy. In the cases of natural disasters like major hurricanes or earthquakes, it only makes sense that more people decide to stay in and cook their own dinners, or they might’ve had to due to closures.
With all these considerations, the amount people eat out and how much they spend when they do are useful indicators of economic strength.
