Yelp Economic Average: Consumers and Restaurants Adapting to New Normal

Consumers described more inflationary experiences within their reviews on Yelp in 2021 than ever before, according to fourth quarter 2021 data for the Yelp Economic Average (YEA) report, a benchmark of local economic strength in the U.S. Additionally, restaurant and food new business openings (74,616) also increased 10 percent from 2020 (67,611). Overall new business growth was near pre-pandemic levels decreasing only one percent in 2021 compared to 2019.

"Restaurant and food businesses are continuing to adapt to the many challenges they’ve faced over the last two years," Pria Mudan, data science leader at Yelp, told Modern Restaurant Management (MRM) magazine. "Our data shows restaurant and food new business openings increased 10% last year from 2020 – a strong sign that these businesses are adapting to the changing conditions. The easing of restrictions and rollout of vaccines have allowed many temporarily closed restaurants to reopen and have helped create a favorable…