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The latest macroeconomic data shows that restaurant spending overtook grocery spending for the first time, according to a Marketwatch report.
Both a report by JP Morgan Chase Institute and the consumer price index showed that consumers spent more at restaurants than grocery stores, “with food away from home has grown in price by 2.9% over the 12 months ending September, but food at home has risen just 0.8% over the same time period.”
Reasons behind this shift? There are more people working, and wages (adjusted for inflation) are increasing.
With more money to spend, consumers are looking at experiences over stuff, according to the report. For grocers, the opportunity lies in online retailing, as only online spending has grown faster than restaurant spending this year.
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