Industry performance and leading indicators of an improved outlook are top of mind as we enter week 8 of the COVID-19 crisis.
On the restaurant side, sales and visits bottomed out in late March and were down between 60 and 70 percent when compared to pre-COVID trends. Today things have improved so that sales are now “only” down 50 percent as compared with pre-COVID, up from a low of 60-70 percent.
In the chart below, you can see the following:
- Beginning around March 12, 2020, restaurant sales declined rapidly, and by March 18 week-on week sales were down more than 50%.
- The decline continued until late March, by which time sales were down ~60-70% from pre-COVID levels.
- Sales stabilized from late March until around April 7, 2020.
- Since April 7, 2020, we have seen sales start to recover. Every day (except two of them) has seen higher sales than the previous week. The large spike was caused by Easter Sunday.
- ‘Overall, restaurant sales are up 10% from the time sales bottomed out in March and are now at approximately 50% of pre-COVID levels.