Alberta Restaurant & Bar Tabs Keep Up Despite Economy
How are restaurant and bars doing considering the current economic recession in Alberta? You’d think that the food and drink industry would be hit like several other sectors of the economy, right? Well, guess again!
Albertans are still spending at restaurants and bars despite high unemployment levels, decreasing wages / salaries and uncertainty in the economic future of the province from companies and individuals alike.
In August of 2016, the total receipt tally from all of Alberta’s restaurants and bars was $754 million, a 1.4 percent increase than the previous month and 2 percent higher than the 12-month average. The figure was also higher on a year-over-year basis by 0.3 percent.
How has Alberta’s restaurant and bar sector managed to fare so well?
#1 – One key contributor is boosted tourism due to a continuation of a lower dollar value (CDN) and a reinvigorated economy of our neighbours to the south (USA). When travelling abroad, tourists must eat, right?
#2 – Another factor is that more people living in Alberta have chosen to stay their vacations until another time and spend their hard-earned money eating and drinking out instead.
#3 – Yet another part of the equation is related to the diversity of restaurants found throughout the province, especially in urban centres like Calgary and Edmonton. Many demand new dining options and are always looking to explore new restaurants even during an economic downturn.
See how restaurant and bar receipt figures from the past compare to today:
See our complete list of Calgary, Alberta and Western Canadian Economics for a full list of interesting and relative economic articles today.