Consumer Morsel: I’ll be latte to the office
29th July 2022 – The Bank of America Institute released its latest publication, which looks at aggregated and anonymized Bank of America data to analyze structural changes in the nature of work. Remote work for millions of workers during the pandemic meant fewer visits to coffee shops near offices. Despite return-to-office, survey data suggests workers still spent one third of all paid work days working from home.
Aggregated and anonymized merchant data from Bank of America Global Transactions Services suggest that while coffee shop sales volume rebounded significantly since the initial lockdown in 2020, it has plateaued in recent months and still below pre-pandemic levels. This highlights the ongoing structural change in the nature of work.
Regionally, coffee shop sales volume is well-above pre-pandemic levels in California, Texas and North Carolina while below pre-pandemic levels in New York and Florida. This change in the geographic pattern of demand that is implied by increased prevalence of remote work continues to have implications for the economy even as the pandemic fades.
Read the full publication for more information.
