Total restaurant industry sales
Restaurant sales rose for the 2nd consecutive month in March
Consumer spending in restaurants regained some of the positive momentum that it lost at the end of 2023.
Eating and drinking places* registered total sales of $93.7 billion on a seasonally adjusted basis in March, according to preliminary data from the U.S. Census Bureau. That was up 0.4% from February and represented the second consecutive monthly gain.
Despite the recent uptick, monthly eating and drinking place sales volume remained below November’s recent seasonally-adjusted high of $94.2 billion. That was followed by declines in both December and January.
Even with the recent choppiness, the overall trajectory of restaurant sales remains generally positive, and with a steeper trendline than many other retail sectors. Total eating and drinking place sales increased 6.5% between March 2023 and March 2024. In comparison, consumer spending in non-restaurant retail sectors rose 3.6% during the last 12 months – nearly 3 percentage points below the restaurant sales gain.
Looking ahead, the outlook for consumer spending continues to be optimistic. Employed consumers will spend money, and the national labor market is showing little signs of fatigue.
Although nominal restaurant sales trended higher in recent months, growth was more modest in inflation-adjusted terms. After adjusting for menu price inflation, eating and drinking place sales were up 2.3% during the last 12 months.
*Eating and drinking places are the primary component of the U.S. restaurant and foodservice industry and represent approximately 75% of total restaurant and foodservice sales. Monthly sales figures presented above represent total revenues at all eating and drinking place establishments. This differs from the National Restaurant Association’s sales projections, which represent food and beverage sales at establishments with payroll employees.
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