RR INTENT TO EAT OUT INDEX PLUNGES AMID DIFFICULT Y/Y COMPARISONS
April RR Intent to Eat Out Index plunged -13.7% y/y due to difficult comparisons with April 2021 when consumers benefitted from $1,400/person government stimulus payments. Consumers are also currently dealing with rapidly rising food (see below) and gas prices that are eating into discretionary income.
Food prices (at both restaurants and grocery stores) continue to increase at an unprecedented rate. Notably, the Food at Home (grocery stores) CPI expanded at its fastest rate in 40 years (+8.6% y/y during 2/22) – surpassing both the QSR and FSR CPI for the first time since 7/20.
Restaurant supply also continues to increase along with grocery and convenience store unit growth such that consumers have more choices of where to purchase their prepared food offerings.