How Will Donald Trump’s Presidency Affect the Restaurant Industry?
Shutterstock/ Evan El-Amin
Throughout the 2016 election, the restaurant industry has suffered losses in business and is now still questioning its fate after Donald Trump was elected the next president of the United States on Tuesday.
However, it is unlikely that there will be an increase of the federal minimum wage under Trump’s presidency, NRN reported.
“We’re encouraged by these state raises, and look forward to continued growth for our business and the economy with future state and federal raises,” Bill Phelps, co-founder and CEO of Wetzel’s Pretzels, said in a statement.
Those in the restaurant industry took to social media to express their opinions on the election outcome.
Gregg Majewski, a Jimmy John’s franchisee, posted to Twitter: “Health care cost and salary requirements will be relaxed. Min wage will still increase but at a fair rate. Overall positive.”
On the other hand, New York City restaurateur Andrew Carmellini said that “bigotry and misogyny have won” in a series of tweets opposing Trump.
Wall Street analyst David Tarantino said in a report that he believed the election cycle had played a major role in consumer spending at restaurants throughout the past seven months. He said on Monday that he would be looking closely for signs that underlying demand was starting to return.