Americans Are Spending More Money Than Ever Dining Out
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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.
Image courtesy of Michael Berman via Getty Images.
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