This column is sponsored by BizLaunch, a division of Arlington Economic Development.
In a previous Small Business Focus, we presented information from our market research database Demographics Now. In this month’s Small Business Focus, we wanted to revisit those databases and highlight another report that business owners can access called Consumer Expenditure Food, Beverage, Grocery Detail Comparison.
How is this helpful?
If you’re considering opening a restaurant or food service venture, data from the Consumer Expenditure report can give you helpful data on average household annual expenditures on various categories such as food away from home, bakery products and alcoholic beverages. Additionally, this report provides a five-year forecast.
For example, after looking at the data, it shows that Arlington households spend more on purchases of alcohol than neighboring jurisdictions do. On average, Arlington households spent $705.92 in 2021 on alcohol purchases, whereas our neighbors in Alexandria, D.C. and Fairfax spent $651.26, $667.13 and $673.76, respectively.
So how much do households in other jurisdictions spend annually on alcohol? Here is how Arlington compares to the region regarding annual alcohol expenditures.
Therefore, if someone is looking to open a restaurant, they’d want to also serve alcohol to capture additional sales. Many restaurants opt to have alcohol because of the added markup that alcohol sales provide.
Starting a business is like running up a hill, but with BizLaunch’s free database, you have the power to make smart business decisions. Our free databases provide up-to-date information on demographics, industries and business intelligence so your small business can start successfully.
For more information about BizLaunch visit www.bizlaunch.org, or book an appointment with one of our BizLaunch experts today.