📈 Trends in U.S. Food Services and Drinking Places Sales (2000–2024)
From 2000 to August 2024, sales in food services and drinking places experienced a robust compound annual growth rate (CAGR) of 5.6%, increasing from a monthly average of $25.3 billion to $94.5 billion. This growth outpaced retail trade, which grew at a CAGR of 3.8%. During this period, the share of food services and drinking places sales within total retail trade increased from 9.2% to 13.3%.
Sales in this sector experienced a significant decline in April 2020 due to the COVID-19 pandemic but rebounded by April 2021. Monthly sales remained stable at approximately $94.2 billion from November 2023 to August 2024. Over this 10-month period, the Consumer Price Index (CPI) for food away from home in U.S. cities rose by 2.8%, indicating a decline in real (inflation-adjusted) sales for the sector.