Americans’ shifting preferences and desire to spend on experiences, including dining out, could support the consumer services and restaurant industries, along with sector-related exchange traded funds.
On the upcoming webcast, How Your Portfolio Could Bite Into Consumer Spending, Samuel Masucci, Founder and CEO of ETF Managers Group, and Michael Cronan, President of BITE ETF, will take a look at the strengthening group of the restaurant and consumer services industry, along with ways for advisors to capitalize on the growth.
The hospitality group’s growth may reflect consumer’s changing preferences. Data from JPMorgan Chase Institute revealed that people are spending on experiences rather than shopping. Specifically, most consumers were spending money on restaurants and “other services,” forgoing durable goods and choosing small- and medium-sized businesses over larger ones.
Related: Take a BITE out of a Restaurant ETF
According to the U.S. Census Bureau data on the U.S. retail sector, restaurant & bar sales now eclipse grocery story sales.[related_stories]