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A new study by Bank of America Global Research reveals that big restaurant chains are recovering from the effects of Covid-19 more quickly than their smaller and independent competitors. Casual and fast-casual restaurants are struggling more than their fast-food counterparts.
The study, based on Bank of America credit and debit card holders’ restaurant spending habits, finds that spending at small chains and independent restaurants lagged behind large chains by about 20%. The report goes on to say big restaurant chains have largely recovered to their pre-pandemic sales levels.
Researchers collected restaurant sales data from February to July. Results showed that for the seven days ended July 1, spending at big chains was down 4% from a year ago, while spending at other concepts was down 25%.
Bigger chains have more locations and the capacity to offer more takeout options such as online ordering and drive-thru.