Industry Sales Projected to Reach $899 Billion in 2020
From the National Restaurant Association
Via PR Newswire
WASHINGTON, Feb. 27, 2020 /PRNewswire/ — Today, the National Restaurant Association released its 2020 State of the Restaurant Industry Report which examines key factors impacting the restaurant industry including the current state of the economy, operations, workforce, and food and menu trends across segments from quickservice to fine dining. The report is an authoritative look at the industry and its challenges and opportunities based on a range of national surveys of restaurant owners, operators, chefs and consumers.
Key findings regarding economic conditions include:
Restaurant industry sales are projected to reach a record $899 billion in 2020, with the moderate 4% growth rate mirroring general economic conditions.
Consumers will continue to be the driving force in the economy, buoyed by a healthy labor market and strong household balance sheets.
Consumers’ pent-up demand remains elevated, with nearly half of all adults saying they want to use restaurants more frequently.
“Now in its eleventh consecutive year of growth, the restaurant industry is adapting to consumer preferences faster than ever before,” said Hudson Riehle, senior vice president, research and knowledge group, National Restaurant Association. “Consumers tell us they want to use restaurants more than they are now, and the challenge for the industry is meeting consumers where they want to be. We expect this year will see growth in off-premises options, technology that streamlines operations, and more restaurants that are talking about their increased sustainable and eco-friendly practices.”