TAMPA, Fla. — While most Americans continue to face constantly rising grocery prices, those high prices may have inadvertently helped give a boost to the restaurant industry.
According to the U.S. Census Bureau, Americans are spending more money dining out than on groceries. People spent nearly 21% more at restaurants than they spent on groceries in 2022, according to a recent report. That number jumped to nearly 30% in the first two months of this year.
“I’m guilty of eating out — for lunch mostly— four times a week,” said Lynn Carr.
Carr was out having lunch with her brother and a friend Tuesday at the Island Grille and Raw Bar. They, along with several others there, admitted to eating out four times a week. Some even said they eat out ten times a week.
“We talk about this frequently,” said Susan McGee and her husband David.
They don’t go grocery shopping as much as they used to, and Susan likes to cook, especially when their kids are visiting.
“When I go out to prepare food for my two kids, it’s quite expensive, “ she said. “We can come here and get a meal and it’s not as expensive. Truly, it’s not.”
Michael Snipes, an economics instructor at the University of South Florida, said for some people, it might make more sense to go to a restaurant than to cook at home because of the prices.
“Yes, prices everywhere are going up, but prices are going up more quickly at the grocery store than they are at restaurants,” said Snipes.
Business doesn’t seem to be slowing down for restaurants either. According to the Census, spending rose another 13% in March compared to 2022.
“People want to get out and be with other people,” said Steve Wesphal, the owner of the Island Grille and Raw Bar.
According to Westphal, Sales at his restaurant are up 15% to 20% so far this month.
“Without a doubt, it’s nice to get Covid behind us and see the businesses up and growing, and growing, and growing,” he said.
But what about grocery prices? The big question for many is will they go down anytime soon?
ABC Action News asked Snipes that question.
“The honest answer is there is no real way to tell," Snipes lamented.
