Restaurants Post Best Sales Since February 2020
Second quarter revenue at US eating and drinking establishments up 55 percent over previous quarter
The recovery of full-service restaurants in the US continues to gather steam in the second quarter of 2021, according to data from restaurant technology provider TableSafe.
Customer payment transaction data gathered from full-service restaurants across the United States, shows transaction volume increased 47 percent over the first quarter of 2021. Additionally, transaction revenue increased 55 percent from the first quarter of the year.
A recent report from the National Restaurant Association reflects a similar trend. According to the survey, sales at eating and drinking places rose in June, with total sales reaching $70.6 billion on a seasonally-adjusted basis.
That’s the highest level since February 2020, when the industry rang up $65.4 billion in sales. In just two month, amid pandemic shutdowns, restaurant sales had been slashed by more than half to just $32.4 billion in April 2020. When adjusted for inflation, consumer spending at eating and drinking places that month was at its lowest level since October 1984.
By January 2021, the industry was beginning to recover, with same-store sales growth of -4.9 percent and traffic growth of -12.2 percent, the best performance for restaurants since the pandemic started almost a year prior.
“Even though many states are still working towards being fully re-opened, our data illustrate that full-service restaurants are seeing a steady recovery,” said Gordon Gardiner, CEO of TableSafe, pay-at-the-table solution used in full-service restaurants across the country.
“We’re seeing restaurants making dramatic increases in both transaction revenue and volume, indicating a slow climb back to pre-pandemic levels,” Gardiner said. “While the recovery is still a work in progress, these numbers are very encouraging for the industry.”
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