Richer Americans are more comfortable eating out
A new survey from CivicScience shows higher-income Americans are returning to dining and delivery at a higher rate than their less wealthy peers.
Why it matters: Wealthy Americans have a greater share of overall U.S. income than ever before and increased spending could be a boon to the restaurant and fast food sectors.
- The richest quarter of Americans cut their consumer spending more than any other income group during the pandemic, according to a study by a team of Harvard University researchers.
Between the lines: While spending has rebounded over the last three months, that has been much truer for low-income households.
- Spending among high-income households remains considerably lower than pre-coronavirus levels and appears connected to perceived pandemic health worries, the Harvard researchers found.
By the numbers: Wealthier people tend to eat the most fast food, according to a 2018 study from the CDC that found the percentage of adults who consumed fast food increases with family income.
- 31.7% of adults in households at 130% of the federal poverty level ($31,590 for a family of four) or less reported eating fast food on any given day.
- But 36.4% of Americans making 130% to 350% of the federal poverty level ($31,590 to $85,050 for a family of four) eat fast food on any given day.
- And 42% of those making more than 350% of the federal poverty level eat fast food.