The restaurant industry is experiencing a resurgence, with projections indicating massive growth in sales and employment by 2025. Despite positive forecasts, restaurateurs face challenges such as rising costs and labor shortages.
NEW YORK, NEW YORK - MAY 04: People dine outside at a restaurant at Bryant Park in Manhattan on May 04, 2021 in New York City. New York City, New Jersey and Connecticut have announced that starting May 19th almost all Covid-19 related restrictions would be lifted. The relaxation of laws and rules follows a steep drop in the number of cases of Covid-19 as the states make rapid progress with vaccinations. The restaurant industry is projected to reach $1.
5 trillion in sales and employ over 15 million people in 2025, with more than 200,000 new jobs expected, according to a National Restaurant Association report. With this growth, it will remain the nation’s second-largest private-sector employer. At the same time, restaurant owners are strategizing ways to maintain steady foot traffic while adapting to shifting consumer needs. The report highlights that while diners are eager to eat out more often, economic uncertainty remains a concern. Many operators are focused on increasing visits, whether to table-service restaurants or quick-service spots like cafes and delis. Fine dining and casual dining establishments, in particular, see attracting more in-person guests as a key priority for success in 2025. To stay competitive, the industry is evolving beyond traditional expectations, balancing affordability with enhanced hospitality and engaging experiences. “The fundamentals of the restaurant industry are strong, and operators are optimistic about the year ahead,” said Michelle Korsmo, President & CEO of the National Restaurant Association. “Industry sales are expected to grow more than four percent this year, and employment should reach nearly 16 million jobs. That growth will come from restaurant operators finding the balance of value and experience for consumers, and innovating breakthrough efficiency in their operations.” Consumer demand is shifting toward experiential dining, with increased interest in tasting events, chef-led dinners, and cooking classes. Loyalty programs are also playing a growing role in dining choices, with operators reporting that these initiatives help drive customer traffic and build long-term relationships. While in-person dining remains a priority, takeout and delivery continue to be essential, especially for younger consumers who prioritize convenience and flexibility. Many restaurant operators report that offsite sales now account for a larger share of their revenue compared to 2019. Despite positive sales projections and job growth, challenges persist. Rising labor and food costs, along with workforce shortages, remain top concerns for operators. “Nine out of 10 people enjoy going to restaurants, and restaurant operators understand what it takes to keep that experience positive,” said Korsmo. “Operators are adapting to meet today’s consumers’ wants and needs with an eye to economic pressures, regulatory changes an
RESTAURANT INDUSTRY SALES EMPLOYMENT ECONOMIC UNCERTAINTY CONSUMER DEMAND EXPERIENCE DINING TAKEOUT DELIVERY LABOR COSTS FOOD COSTS WORKFORCE SHORTAGES
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Restaurant Industry Booms Despite ChallengesThe restaurant industry is on track for significant growth, projected to reach $1.5 trillion in sales and employ over 15 million people by 2025. However, operators face challenges like rising costs and labor shortages. The industry is adapting to changing consumer preferences, focusing on experiential dining and convenience options like takeout and delivery.
Read more »
Restaurant Industry Booms as Restrictions Lift and Consumers Seek ExperiencesNew York City, New Jersey, and Connecticut are lifting almost all COVID-19 restrictions starting May 19th, signaling a return to normalcy for the restaurant industry. The industry is projected to experience significant growth in sales and employment, reaching $1.5 trillion in sales and employing over 15 million people by 2025. While diners are eager to return to in-person dining, restaurants are adapting to changing consumer needs by focusing on increasing visits, offering affordable yet engaging experiences, and embracing convenience through takeout and delivery.
Read more »
Historic Green Schoolhouse to Reopen as Restaurant 'The Industry'After years of changes and relocation, an 1890s schoolhouse in Green, Ohio, is finally opening as a new restaurant called 'The Industry'. The building, originally the East Liberty School, has served various purposes over the years, including auto storage and a furniture store. Now, it will offer a unique dining experience, featuring cocktails, food, and a historical ambiance.
Read more »
U.S. restaurant industry Barclays outlook, reflects optimism amid challengesU.S. restaurant industry Barclays outlook, reflects optimism amid challenges
Read more »
Michigan Lawmakers Scramble to Avert Restaurant Industry Crisis Amid Minimum Wage and Sick Leave ChangesFacing a court ruling that mandates significant changes to minimum wage and paid sick leave laws, Michigan lawmakers are working to revise the legislation before it takes effect next month. Republican-led efforts in the House aim to slow the increase in the standard minimum wage and maintain lower wages for tipped workers, while also limiting paid sick leave provisions. The Democrat-controlled Senate is now grappling with these proposals, amidst warnings of potential restaurant closures and job losses if no adjustments are made.
Read more »
Starbucks Kicks Off Restaurant Earnings Season Amid Industry Optimism and Potential DisappointmentsStarbucks is set to report quarterly earnings, signaling the start of a period of financial disclosures from publicly traded restaurant companies. Investors are hopeful for improved demand in the industry, supported by positive data and preliminary reports suggesting a strong end to the year. While casual dining chains are experiencing a revival, giants like Starbucks and McDonald's may face challenges.
Read more »