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Restaurant sales fall in January as tax overhaul fails to boost spending

The tax bill signed into law in December with much ballyhoo has failed to bolster an area of the economy that is particularly dependent on discretionary spending.

After three months of flat or positive sales growth, the restaurant sector saw same-store sales fall 0.3% in January, according to data from industry tracker TDn2K. That’s bad news for a sector that was mired in recession until late last year, as consumers confronted higher prices for everything from rent to medical bills.

“Although January’s sales results are somewhat disappointing, we remain cautiously optimistic about the industry’s performance,” said Victor Fernandez, executive director of insights and knowledge for TDn2K.

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