Desires to be out in the world are butting up against labor shortages and soaring inflation, Yelp's latest economic report shows
What the pandemic took away is back in full-force as consumers make up for lost time.Diners in the second quarter booked reservations further in advance than ever, according to Yelp data going back to 2018.
The average time between when a reservation was made on Yelp and the actual reservation date increased 14% from the same period last year to 3.3 days.Wait times also increased to 35 minutes in June — up from 16 minutes in 2020 and 22 minutes in 2021, based on the median time from the Yelp Waitlist service.inflation has started to curb appetites for splurging and has changed business behavior.
The share of all searches on Yelp using the inexpensive “$” filter increased by 7% from the first quarter of last year.mentions of inflation shot up 38% within reviews of more casual restaurants, while they increased 164% in those for street fairs and festivals.
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