Friday, 31 July 2020

Czechs continue to spend more on meals away from home

Prague Daily Monitor |
6 January 2020

The global trend continues locally. People are spending time and more disposable income away from home. The most recent study from Eurostat, with data covering 2018, saw a record CZK 166.5 billion spent at various cafes, bars, restaurants and other public eating places. That’s about 7% more than in 2017.

In general as a percentage of expenses, Czech’s spent 6.5% on meals away from home, versus 6.6% the year before. The EU average is 7%; Czechia is getting close. In 2008 Czech’s spent only about 5.7% of their budget on food services. Since then there have been big increases in average wages across the country.

The fact that the percentage of Czechs’ expenses on food services has actually increased more than the gains in wages show that the business has gained market share in the budget pie. This is evident all over the country as long time sleepy towns are now full of cafes and restaurants with eager day trippers stopping in for refreshments all year round, but especially in the summer.

As a percentage of Gross Domestic Product (GDP) the food services industry was 3.2%, the same as the year before. Even through above average economic growth, the Czech food services sector is keeping up its share if the economy. Overall, in the whole of the EU, the food services sector commands 3.8% of GDP.

The countries with the largest percentage of expenses on food services are Ireland and Spain, with 14.4% and 13% respectively. The lowest spenders are Poland and Romania with 3% and 1.9% respectively. Bon Appetite!