Restaurant spending in August 43 pct higher than last year – analysts
In August this year, average weekly restaurant spending was more than 43 percent higher than a year ago, wrote Santander Bank Polska economists on Monday, after an analysis of transactions made with the payment cards of its customers.
It was pointed out the gastronomy and hotel industries, which had been hit hard by the COVID-19 lockdown, were helped out by the holiday season. "Payments with Santander Bank Polska cards for meals in holiday destinations, such as at the seaside, in the mountain regions and in the Mazury Lake District, increased by 20 percent to even 200 percent in the Baltic Sea areas," said the economists.
The analysts noted that spending on food throughout the year, implemented with Santander Bank Polska cards, also increased. Bank analyst Przemyslaw Chojecki indicated that food spending was currently 51.7 percent higher than in the same period last year, that is, from January to mid-August.
In addition, the analysis of transactions in this category of expenses indicated that Poles were spending their holidays in the country. Food and drink spending in the Bieszczady and Beskidy mountain regions, in the Bialowieza nature reserve as well as in Mazury Lake District and at the seaside were 20-40 percent higher than in June, said Chojecki.
Santander Bank Polska analysts indicated that despite many challenges facing the agri-food sector and consumers, the last few months could be considered relatively calm, when taking into account the scale of the problems which have occurred. However, they added that there was still high uncertainty regarding the further development of the epidemic situation and its impact, for example, on public wealth.