Avero Index October 2018
Restaurants across the nation saw improved sales this month by 1 percent. The recent trend of decreased covers and increased average checks remains strong. In October, covers dropped by 3.7 percent and average check increased by 4.8 percent, ultimately driving gross sales.
Las Vegas finally came out of a five month streak of decreased YOY restaurant sales this month, showing growth of 1.9 percent, slightly outpacing the national figure. Multiple large events across the city helped boost restaurant performance. Another Conor McGregor UFC fight on October 6th brought in large crowds to Vegas once again. With an estimated $30 million spent on bets for the fight alone, it’s a big money event that has a positive impact on the local economy. Spectators from all over the country come prepared to open their wallets and spend money on dining in Vegas. The fight helped increase weekend restaurant spending by 3.7 percent.
This year’s Automotive Aftermarket Industry Week (AAIW) also bumped Vegas restaurant sales across the day of the week. This year, the AAIW show started on October 30th instead of October 31st in 2017 and with an estimated 165,000 spectators in attendance, an extra day in October helps boost weekday sales.
Across restaurant styles, those within the $50-$75 range performed best this month with an increase in gross sales of 3.2 percent over last October. Restaurants at the lowest end of the scale from 0-$25 had the greatest drop by 1.4 percent.
This month, we also investigated Eater Dallas’s report that restaurants in Dallas were suffering from declining traffic and sales after two months of severe rain. We confirmed the findings with Avero data. The DFW area was down 5.10 percent in gross sales and 4.41 percent in covers mid-month. Sales seem to be making a recovery there in the second portion of the month. We’ll follow up on that data to verify the results next month.
We have more local market breakdowns below. We’re looking to expand our index into benchmarking insights for your specific business. If you are interested in understanding how your restaurant compares to peers in your neighborhood, we’d love to speak with you. Please reach out to igomez@averoinc.com.
Read on for more data in major cities across the nation.
