America's obsession with pandemic-era food delivery appears to be over — and the companies' stocks are taking a hit.
Bloomberg / via Getty Images fileAmerica's obsession with pandemic-era food delivery appears to be over — and the companies' stocks are taking a hit.
Much of the decline can be explained by the leveling off of Covid-19 cases. While the apps saw explosive growth during the pandemic's early stages as consumers stayed at home, analysts say such growth was ultimately not sustainable. "It was inevitable that they were going to start to retract as people returned to dine in," said Rich Shank, vice president of research and insights at Technomic, a consulting company that works with the food service industry.
The decline in app usage can also be attributed to fees, tips and higher food prices that are starting to turn off some customers, Shank said.
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