April 6, 2020
By: Caity Witucki
Contributing Editor, Main Street Monday
Main Street Monday – Coronavirus Economic Impact Report
Utilizing Yelp’s impressive collection of economic data, the company’s Economic Advantage team has been able to track the coronavirus’s impact on millions of local businesses in real-time. Yelp’s most recent Coronavirus Economic Impact Report from April 2, 2020, finds some surprising trends in the coronavirus economy:
- Chicken-wing places and pizzerias have seen an impressive increase in seasonally adjusted daily U.S. consumer actions (up 103% and 88% respectively). However, French restaurants, breakfast-and-brunch places, and hot-pot spots have dropped (down 59%, 44%, and 42%).
- Community-supported agriculture businesses, grocery stores, fruits & veggies stores, and butchers all are gaining share of the food business (up 455%, 186%, 129%, and 96%), while breweries, gelato places, and street vendors are struggling (down 71%, 49%, and 46%).
- More time at home has increased consumer interest in fitness and exercise equipment, pet supplies, and television (up 547%, 144%, and 99%). However bridal stores and traditional shopping centers are seeing a decline in popularity (down 66% and 61%).
- Consumers are turning to tobacco shops, cannabis clinics, and vape shops to combat anxiety (up 120%, 118%, and 115%).
- Strip clubs and art galleries have found ways to adapt to the new economic climate, by using virtual platforms to connect with customers (up 116% and 73%).
- Mortgage lenders have gained consumer interest (up 129%) while tax services are down (35%) due to the recent filing extension.
- There is a rising interest in hospitals and skilled nursing (up 95% and 156%), and a decline in interest in reflexology and massage therapy (down 49% and 37%).
Local economies are shifting in line with the number of cases in the area. The bigger the outbreak, the bigger of an impact it has had on the economy. Therefore, New York and Washington have undergone the biggest economic shifts while the mountain states have seen the least impact.
Yelp’s full economic impact report can be downloaded here.
Yelp Economic Average (YEA)