Restaurants sales are forecast to exceed $1.1 trillion in sales this year, marking a new milestone for the industry that will employ over 15.7 million people in the United States by the end of 2024. This is all according to the National Restaurant Association 2024 State of the Restaurant Industry Report.
Key findings from this year’s report include:
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Positive sales expected: Restaurant operators are cautiously optimistic about the year ahead, with nearly 8 in 10 predicting their sales will increase (33 percent) or hold steady (45 percent) from 2023 levels.
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Delivery, carry-out and drive-thru growth continues: 52 percent of consumers—including 67 percent of millennials and 63 percent of Gen Z adults—say ordering takeout from a restaurant is an essential part of their lifestyle, further showing the profound impact restaurants have on consumers’ lives.
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Industry employment increased but help still wanted: Forty-five percent of restaurant operators report needing more employees to meet customer demand and a majority (70 percent) have job openings that are hard to fill.
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Profitability remains challenged: Operators are slightly less optimistic about profitability, with only 27 percent of operators expecting to be more profitable this year. Average food costs have increased more than 20 percent and average wages more than 30 percent from 2019—both impacting profitability.
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Jobs drive consumer spending: All restaurant sales are local, and consumers are generally upbeat about their community. Fifty-five percent of adults describe their local economy, including the availability of jobs, as excellent or good.
“With more than $1 trillion in sales expected this year, the state of the restaurant industry is strong thanks to the agility of its operators and employees,” said Michelle Korsmo, President & CEO of the National Restaurant Association. “As our report shows, restaurants are finding ways to adapt to the challenges of…
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