The Restaurant Industry is Booming!
According to the National Restaurant Association (NRA), driven by an improving economy, restaurant industry sales are expected to hit a record high of over $750 billion in 2020. Although this will represent the tenth consecutive year of real growth in restaurant sales, the gains remain below what would be expected during a normal post-recession period due to a range of challenges. The restaurant industry will remain the nation’s second-largest private sector employer with a workforce of 14 million.
Sales in fast casual restaurants are forecasted to reach over $250 billion in 2020. Fast casual restaurants are defined as establishments which can provide varied breakfast, lunch and dinner menus with a wide selection of food and beverages in a counter type service environment.
WHY SHOULD YOU INVEST IN THIS INDUSTRY?
- Nearly 58 percent of U.S. consumers dine out in quick service restaurants one to three times a month.
- In 2019, 26 percent of U.S. consumers indicated to dine out one to two times a week.
- Around 95 percent of surveyed adults in the United States said good service and quality of food were their top considerations when choosing a full service restaurant to dine at.
- On a segment-by-segment basis, Technomic projects sales at limited-service restaurants, including quick-serve, will increase by 2.5 percent; full-service by 3 percent and bars and taverns by 1.5 percent in 2020.
- 2020 is forecasted to be the 10th straight year of growth for the restaurant industry.
*Statistics, Upserve and the National Restaurant Association (NRA)