The reason? “Consumers are moving from a post-lockdown celebratory mindset to spending patterns that are more normal and sustainable” says Matthew Crompton, CGA Client Solutions Director, Americas, who adds that the average check is smaller as Covid restrictions ease. Now that post-Covid celebrations are largely over, On- Premise spending habits are returning to normal, he says.
All key states have experienced flat or slightly negative trends in the last two weeks, as recent growth in the U.S. levels off, with velocity still up +15% versus the same time in 2019.
Daily velocities have fluctuated across all key states over the past two weeks, with a general slightly negative trend over most days due to people spending slightly less when out.
All states have bars and restaurants open indoor completely (with no capacity restrictions).
“The massive growth experienced since the channel re-opened fully has started to flatten out now with average total sales velocity down slightly against the previous week,” says Matthew Crompton, CGA Client Solutions Director, Americas.
“However, looking at the total market, over the last week the average outlet is still performing exceptionally well against the comparable weeks in both 2020 (+45%) and 2019 (15%). Overall, check traffic has not declined and the driver for the slowing growth in sales velocity is average check value – suggesting that consumers are moving from a post-lockdown celebratory mindset to spending patterns that are more normal and sustainable.”