The downfall of restaurant sales due to COVID-19
As the nation battles against the spread of COVID-19, many restaurants have been forced to close their dining rooms to the public. With the massive decline of employment and unit closures, restaurant sales have fallen by 30% in April. While it’s predicted that employment numbers and restaurant sales should recover in the next few months, it is unknown how long this recovery should take.
Restaurant sales have not been this low since 2005, showing just how impactful COVID-19 has been to the industry. With restaurants closed to the public, many businesses have been offering services such as curbside pick up and delivery.
While these dining alternatives help provide customers with their favorite meals, the longevity of these alternative services are unknown. During the financial hardships of these times, consumers are less likely to be contributing to restaurant sales. Consumers have now changed their lifestyle and behavioral habits regarding the purchases they make.
In more recent weeks however, there has been an increase in sales at dining chains for takeout food. This has provided some sense of hope for recovery in the restaurant industry, however a full recovery is still years away. In order for sales to recover, it depends how long it takes for restaurants to reopen, and the time in which millions of Americans can go back to work.