Two tickets… one extra-large popcorn. Pandemic-battered movie-ticket sales are ready for their second act. The US box office pulled in $1.8B last quarter. While that's still down 25% from prepandemic levels (2019 had the second-highest-grossing box office ever with $11.4B in sales), it's a continuation of an upward trend. Last year, ticket sales were 34% below 2019 levels. One possible movie-night draw: more choices, from the blockbuster "Creed III" to the bear-buster "Cocaine Bear."
- Twist ending: The first-quarter box-office numbers could bode well for struggling chains like AMC and Cinemark, which reported falling sales and wider losses in the final quarter of last year. Both are expected to report next month.
Babysitters on speed dial… It's not just the multiplex benefiting from night-out spending. Live Nation said in February that concert-ticket sales for the year had already passed 50M — a 20% jump from the same time last year. Restaurants and bars have seen a bump too. Through February, diners dropped more than $187B — up 19% on the year — as Americans stomached higher prices for date-night eats. Meanwhile, babysitters are in demand. A February report from UrbanSitter, which matches parents with sitters, found rates rose 10% last year.
People aren’t working (just) for the weekend… but also for the weekday. Despite (now cooling) inflation cutting into purchasing power, entertainment and night-out spending has remained a priority for many. Plus: the average US workweek has dropped by 30+ minutes since the start of the pandemic, potentially freeing up time for midweek night-out (or anytime) splurges.