March 12, 2015
For the first time since records have been kept, Americans have spent more in restaurants than in grocery stores. Mark J. Perry, a University of Michigan economics professor, says spending in restaurants has soared in the past six months—a time when the Dow, S&P 500 and Nasdaq have reached record highs. Perry said eating in restaurants has become “less of a special occasion” and for some people an “everyday occasion.” A March 6 Yahoo! News article cites Anna Weinberg, founder of three San Francisco restaurants, who said local companies have begun using her restaurants as meeting places. In January, spending in restaurants totaled $50.475 billion versus $50.466 billion spent in grocery stores.
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