Yelp reservations support11/20/2023 Yelp assessed national and local changes in discretionary spending categories, analyzing how consumer interest has changed during the six-month period between October 2022 through March 2023, a period marked by ongoing layoffs across industries, compared to the same time period the year prior. With new openings for restaurants on the rise, Yelp data confirms increasing consumer demand for these types of businesses. Here Nationwide Consumer Interest in Restaurants, Nightlife and Entertainment Businesses is on the Rise, While Shopping and Beauty See Decline Many full-service restaurants also saw a spike in new business openings in the U.S., including ramen (up 45%), breakfast and brunch (up 20%), sushi (up 13%) and steakhouses (up 9%).īusiness Openings for Restaurants Rose Nationally, With Pop-Ups Seeing the Highest Surge Change in business openings by category, April 2022–March 2023 vs. Notably, new pop-up restaurants, which began as a cost-saving solution during the pandemic, are on the rise (up 105%), growing into an industry trend that continues to see quick-service pop-ups share a space with breweries, bars and even restaurants. Restaurant Openings are up Nationally, Especially for Pop-up Concepts and Full-service ExperiencesĪmid economic uncertainty, the restaurant industry has experienced a strong comeback with new business openings up 10% nationally between April 2022 and March 2023 compared to April 2021 and March 2022. Dining habits are also shifting with consumers demonstrating an eagerness for special nights out, fine dining experiences, off-peak dining hours and last-minute reservations. In contrast, other discretionary spending categories have seen a sharp decrease in consumer interest, like shopping and beauty services for example. Yelp data confirms rising demand among diners, with consumer interest in restaurants and nightlife businesses increasing nationally. The restaurant industry shows strong signs of growth with business openings up nationally, especially for pop-up concepts, which entice consumers with their fleeting nature and experimental menus. As consumers and business owners confront these everyday challenges, Yelp data uncovers new trends in consumer demand and dining habits, especially in major metropolitans like New York, Los Angeles and San Francisco. restaurant industry and its consumer base are faced with a unique combination of economic conditions: continued staffing shortages, widespread layoffs, rising interest rates and persistent inflation driving up costs. For more on the methodology for this report, click here.
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