Restaurants Industry: Monthly restaurant spending: May growth improves m/m

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Restaurants Industry: Monthly restaurant spending: May growth improves m/m

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Restaurants Industry

Monthly restaurant spending: May growth

improves m/m

Industry Overview

We note that our monthly aggregate and segment spend estimates use spend data 11 June 2026 Corrected

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 +4.4% in May from +3.4% in April. On a

2-year stacked basis, restaurant spending growth improved m/m to +7.8% in May from

+4.3% in April. Spending growth at restaurant chains increased to 0.2% in May from -

0.6% in April, while spending growth at independent restaurants increased m/m to Sara Senatore

+5.8% in May from +4.7% in April. See BofA on USA for methodology, limitations, and Research Analyst

BofAS

disclaimers for BAC card data and commentary on broader retail trends from the +1 646 743 2110

economics team. sara.senatore@bofa.com

Isiah Austin

S/mid coffee sales growth modestly higher in May ResearchBofAS Analyst

Spending growth at small and mid-sized coffee chains accelerated to +22.8% y/y in May +1 646 855 0472 isiah.austin@bofa.com

vs +21.9% in April. Grace Nguyen

Research Analyst

BofASQSR stable, pizza spend growth less negative grace.nguyen@bofa.com

QSR ex-pizza spend was mostly stable in May at +0.3% y/y vs +0.4% in April. Pizza