Restaurants Industry: Monthly restaurant spending: Spend growth accelerates m/m in April

Research evidence excerpt

Restaurants Industry: Monthly restaurant spending: Spend growth accelerates m/m in April

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Restaurants Industry

Monthly restaurant spending: Spend

growth accelerates m/m in April

Industry Overview

We note that our monthly aggregate and segment spend estimates use spend data 12 May 2026

based on household samples in the current month (April in this case), while our weekly Equity

segment estimates and monthly income/MSA estimates rely on household samples from United States

the prior month. As a result, there can be slight discrepancies between the estimates, Restaurants

however they are all sequentially consistent.

Aggregate restaurants spend growth increased m/m

According to BAC aggregated credit and debit card data, on a one-year basis, aggregate

restaurant spending growth accelerated m/m to +3.4% in April from +1.3% in March. On

a 2-year stacked basis, restaurant spending growth improved m/m to +4.3% in April

from +1.4% in March. Spending growth at restaurant chains increased to -0.6% in April

from -1.4% in March. while spending growth at independent restaurants increased m/m

to +4.7% in April from +2.0% in March. See BofA on USA for methodology, limitations, Sara Senatore Research Analyst

and disclaimers for BAC aggregated credit and debit card data and commentary on BofAS

broader retail trends from the Economics team. +1 646 743 2110 sara.senatore@bofa.com

S/mid coffee sales growth modestly higher in April IsiahResearchAustinAnalyst

Spending growth at small and mid-sized coffee chains accelerated to +21.9% y/y in April BofAS+1 646 855 0472

vs +20.6% in March. isiah.austin@bofa.com

QSR growth slows m/m, pizza spend growth less negative

QSR ex-pizza y/y spend growth decelerated m/m in April to +0.4% y/y vs +1.5% in Definitions

March.