Americans Are Spending More Money Than Ever Dining Out
This post contains references to products from one or more of our advertisers. We may receive compensation when you click on links to those products. Terms apply to the offers listed on this page. For an explanation of our Advertising Policy, visit this page.
If you are one of the many who spend the majority of each paycheck on restaurants, you’re not alone. In fact, the amount Americans are spending on food and drink is at an all-time high, according to a report released Wednesday by the Commerce Department.
“Sales at food-service and drinking establishments rose 1.3 percent in July to $61.6 billion,” Bloomberg reported, which at a gain of 25.3% over the summer alone is “the fastest pace in figures going back to 1992.”
The increased spend could signify that consumers are feeling more financially stable at the moment, according to economists Kevin Cummins and Michelle Girard at NatWest Markets. On the flip side, restaurants are certainly doing their part to keep dinner tabs high by raising prices to “keep up with higher minimum wages and rent costs.”
Whether a higher number of consumers are dining out more often, or fewer consumers are simply spending more, it’s a win-win for the credit card savvy: Spending in this category can work overtime for you if you know what you’re doing.
The proliferation of dining rewards programs and credit cards that offer double or triple the points on dining means you’ll earn more rewards with every order of steak frites and every bowl of pho that hits your table.
Check out our guide to the best credit cards for dining rewards here.
H/T: Bloomberg
Image courtesy of Michael Berman via Getty Images.
Sign-up Successful!
Welcome to The Points Guy!
WELCOME OFFER: 80,000 Points
TPG'S BONUS VALUATION*: $1,650
CARD HIGHLIGHTS: 2X points on all travel and dining, points transferrable to over a dozen travel partners
*Bonus value is an estimated value calculated by TPG and not the card issuer. View our latest valuations here.
- Earn 80,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $1,000 when you redeem through Chase Ultimate Rewards®. Plus earn up to $50 in statement credits towards grocery store purchases within your first year of account opening.
- Earn 2X points on dining including eligible delivery services, takeout and dining out and travel. Plus, earn 1 point per dollar spent on all other purchases.
- Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards®. For example, 80,000 points are worth $1,000 toward travel.
- With Pay Yourself Back℠, your points are worth 25% more during the current offer when you redeem them for statement credits against existing purchases in select, rotating categories.
- Get unlimited deliveries with a $0 delivery fee and reduced service fees on eligible orders over $12 for a minimum of one year with DashPass, DoorDash's subscription service. Activate by 12/31/21.
- Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more.
- Get up to $60 back on an eligible Peloton Digital or All-Access Membership through 12/31/2021, and get full access to their workout library through the Peloton app, including cardio, running, strength, yoga, and more. Take classes using a phone, tablet, or TV. No fitness equipment is required.
Disclaimer: The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.
Editorial Disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.