Restaurants chains say they are getting a sales bump from the latest round of stimulus money going to households, but spending patterns from the first batch of checks earlier in the pandemic suggest the lift can fade quickly.
The roughly $900 billion coronavirus aid package signed into law last month provided a second round of stimulus payments––$600 per adult and $600 a child. While the amounts are lower than the $1,200 and $500 delivered last spring, they are having an impact, at least short-term, according to some restaurant executives and industry data.
Church’s Chicken, Checkers Drive-In Restaurants Inc., Noodles & Co. and TGI Fridays are among the companies crediting higher sales to the stimulus, according to executives. Some McDonald’s Corp. restaurant owners also attributed strong January sales to the recent checks, as did fine-dining chain Fogo de Chão.
Chris Elliott, the Tampa, Fla.-based owner of restaurant chains that include Beef ‘O’ Brady’s and the Brass Tap, said the second round of checks contributed to a 6.5% increase in sales this month compared with last.
