July 25, 2017 - Consumers across the nation are eating out at restaurants more, and as a result, restaurant spending has grown 5.4 percent year over year. States with the highest growth include Hawaii (9.9 percent), Nevada (9.6 percent), and Arizona (9.3 percent).
Source: Visa Retail Spending Monitor (Visa Retail Spending Monitor reports spending on all forms of payment); Visa Business and Economic Insights
Higher restaurant food prices are contributing to this growth in spending. Restaurant spending represents an increasingly large share of consumers’ total food spend (50 percent of food spend, up from 49 percent in June 2016). Though spend share varies by region, shifts in food budget spending occur nationwide.
Disclaimer
Monthly retail spending highlights are based on Visa’s Retail Spending Monitor, which measures estimated historical performance of certain segments of the U.S. economy across payment types. Visa Retail Spending Monitor reports spending on all forms of payment. Retail sales (sales by establishments engaged in retailing merchandise) in the context of Retail Spending Monitor is a set of industry segments defined by the U.S. Department of Commerce. The Retail Spending Monitor analyzes data in a manner consistent with this definition for industry segments that are not auto related. The Retail Spending Monitor is based on a sample of aggregated, depersonalized Visa transaction data analyzed utilizing a proprietary economic and statistical model and is not reflective of Visa operational and/or financial performance. The Retail Spending Monitor is provided on an “as is” basis without any warranties of any kind, express or implied, including, without limitation, as to the accuracy of the data or the implied warranties of merchantability, fitness for a particular purpose, and/or non-infringement. The Retail Spending Monitor is intended for informational purposes only and should not be relied upon for marketing, legal, technical, tax, financial or other advice. Visa is not responsible for your use of the information contained herein, including errors of any kind, or any assumptions or conclusions you might draw from its use. Each Retail Spending Monitor report is as of the publication date, and Visa has no obligation to update the data contained therein.
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