Yelp Economic Average Finds Increases in Consumer Interest Correlates With Increase in Vaccinations

Yelp Inc. (NYSE: YELP), the company that connects people with great local businesses, today released second quarter 2021 data for the Yelp Economic Average (YEA) report, a benchmark of local economic strength in the U.S. The Q2 2021 YEA report reveals a significant correlation between consumer interest on Yelp and an increase of fully vaccinated populations across states and counties. The report also uncovers business reopenings reaching its highest level in a year and new business openings surpassing pre-pandemic levels.

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The Yelp Economic Average shows increases in consumer interest correlates to an increase in vaccinations. (Graphic: Business Wire)

YEA analysis shows that the increase in vaccinated people in a specific geographic location in April correlates to an increase in consumer interest on Yelp in that area in May and June. Business reopenings spiked in Q2 2021, with restaurant and food businesses, as well as retail businesses, driving the largest share of the total 60,502 businesses reopened. New business openings on Yelp grew to 150,940, surpassing pre-pandemic levels by 8% (compared to Q2 2019) and up from 146,160 in Q1 2021.

“With the lifting of pandemic restrictions across the country in the second quarter, restaurants, food, and nightlife businesses among others, reflected pent-up demand to return to pre-pandemic activities,” said Justin Norman, Yelp’s vice president of data science. “Our analysis highlights an upward trend in the first half of 2021 in business openings and reopenings across the country. Our recent finding that an increase in fully vaccinated populations in certain areas led to a higher increase in consumer interest in local businesses, is evidence that getting vaccinated is good for business. We believe that increasing the number of vaccinated people will further aid the recovery.”

Increased COVID-19 Vaccinations in April Correlate to an Increase in Consumer Activity in May and June Across States and Counties, with Clear Trends Across Voting Lines and Regions

Maine, Vermont, Connecticut, New York, and Massachusetts were among the 10 states with the highest increases in percentage of vaccinated people in April and all had average increases in monthly consumer interest of 25% or higher in May and June. Eight of the 10 states with the lowest increases in percentage of vaccinated people in April, including Arizona, Tennessee, Alabama, and Mississippi, had increases in average monthly consumer interest of less than 25% in May and June.