Warmer weather usually means more business for restaurants. But could inflation keep sales in check as Americans continue to deal with inflation? Last year, consumers pulled back on their restaurant visits in May, June and July amid inflation concerns as well as higher prices at the pump. So what happens this summer?
“It will be interesting to see where the heads of consumers at as we go into the summer of 2023. I suspect with gas prices down a bit and restaurants seeing more foot traffic post pandemic – we could be in for a bounce back year,” says longtime Business Analyst and president of Business management Firm ‘7 Stage Advisors’ Carl Gould
Inflation may be easing this year, but prices are still rising, adding to worries about regional bank failures and a potential recession before year-end. U.S. consumer sentiment fell to a six-month low in May, fueled by concerns about the debt limit standoff. Roughly a third of consumers surveyed by Datassential plan to dine out less over the next month, and about half plan to maintain their current restaurant-spending habits.
So what can restaurants expect this summer?
MEET CARL GOULD:
Carl Gould (rhymes with fooled) is a worldwide leading authority on business. His company, 7 Stage Advisors helps organizations grow to the next level. He is an entrepreneur who built three multi-million dollar businesses by age 40. 7 Stage Advisors, has mentored the launch of over five thousand businesses. Some of the companies he’s helped are companies like Allstate, American Idol , USA Olympic Track, IBM, McGraw-Hill and the US Army.