Technomic: Decrease in Consumer Spending Levels Off Slightly
Within the past week, it became clear that the timing and scope of the pandemic will be highly localized because of fragmented government actions and variable social distancing practices by location. This will likely lead to a geography-dependent economic recovery timeline, with early adopter states experiencing a potentially quicker return to normal compared to later adopters. This COVID-19 update from Technomic’s Foodservice Impact Monitor explores the continued effect on the industry, including consumer spending leveling off and some innovative initiatives from operators.
Industry Impact
Unemployment claims have grown from 3 million the previous week to over 6 million in the last report. It remains to be seen if the government stimulus will be enough to counteract that...
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