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47% will return to restaurants as soon as they reopen: survey

According to a new survey from Piper Sandler, 47% of those surveyed say they will return to restaurants as soon as they reopen. Yahoo Finance's Heidi Chung joins The First Trade to discuss.

Video Transcript

BRIAN SOZZI: Welcome back to The First Trade. An optimistic look at the future of restaurants is now in play. Piper Sandler is out with a new survey this morning that says nearly 50% of people would return to restaurants upon reopening. Heidi Chung is back here with all the details. Really, Heidi?

HEIDI CHUNG: Yeah, Brian. Actually not too bad of a number, if you're thinking nearly 50% of the respondents to the survey said that they would go right after these restaurants reopen.

This is part two of Piper Sandler's COVID-19 consumer survey. And the firm conducted this online between May 11th and 12th and gathered responses from about [? 421 ?] people. The average age of survey participants was 44. The average household income, about $78,000. And 90% of the respondents were practicing shelter in place practices here.

Some states have begun reopening their economies. And thus, restaurants have started to reopen their dining rooms as well. But a lot of people were curious as to how many actual people are willing to go to these restaurants upon reopening. Well, according to the survey results, it's approximately [? 47% ?] said that they are likely to go to restaurants as soon as they open their doors.

It's a pretty decent percentage. But I have to mention that it's actually down from 60% in April's survey. And a quick disclaimer, Piper's models are [INAUDIBLE] a July opening. So that's something to keep in mind there. And when asked, "how likely are you to go to a restaurant to eat within the next two weeks, with one being very unlikely and 10 being very likely," the average responses yielded a 4.1 out of 10. And that is up from 3.8 in April.

And 63% of respondents said that they would be more sensitive to eating in a crowded restaurant, which is also up from 62% in the prior survey. And approximately 50% of respondents [? are ?] currently visiting restaurants for drive-through and pick up.

As we've been talking a lot about the restaurant industry, Brian, we've been talking about some winners and losers. And for now it appears as if the winner is probably the fast food restaurants that do have a lot of drive-through capabilities as well as delivery.