Who doesn’t like to go out to eat every once and awhile? Even households that have the lowest levels of income still make an effort to enjoy a night out at a restaurant when they can make it happen financially. Having a well-cooked meal can help someone forget a difficult day and lose themselves in food that they couldn’t make themselves at home.
Restaurant Industry Facts and Trends
The restaurant industry saw over $683 billion in revenues during the last year.
This industry provides a needed service for people. After all, food is essential to life at some point in time, right? With the added benefit of not having to prepare their own food, it is easy to see why this industry is one of the largest in the world today. In the United States, 10% of the total job market is restaurant jobs.
Essential Statistics About the Restaurant Industry
1. 90% of all restaurants around the world employ less than 50 total employees.
2. 70% of all restaurants are standalone entities that operate as a single unit.
3. 47% of the average household budget is spent purchasing food products that are served by the restaurant industry.
Takeaway: Small businesses are what drive the global economy and that is definitely true when it comes to the restaurant industry. Although many of the headlines within this industry are dominated by chain restaurants that mass-produce food in order to reduce margins and improve profits, the average restaurant is owned by a neighbor or a friend. These jobs provide local economy stimulus, good jobs, and the chance to succeed.
Interesting Facts About the Restaurant Industry
1. Employment growth within the restaurant industry is expected to outpace the overall economy for the 15th consecutive year in 2014.
2. Each FTE is responsible for an average of $72,000 in sales each year.
3. 50% of all adults have worked within the restaurant industry at least once in their lives.
4. African-American ownership of restaurants has jumped over 188% in the last decade, compared to a 36% total growth in the industry over the same period.
5. 40% of people say that going to a restaurant is an essential part of their daily routine.
6. 90% of people say that they enjoying going to a restaurant in order to get a good meal.
7. 75% of people say that going to a restaurant with their family or friends is a better use of their time than cooking and cleaning at home.
8. 72% of people would spend even more money at a restaurant if menus had varying price structures, such as a lower price if dining occurred at a non-peak hour.
9. There are more than 1 million restaurant locations in the U.S.
10. American consumers spend 32.9% of their income on housing, 17% on transportation, and 12.5% on food.
Takeaway: People like to experience a restaurant for themselves. Only one-third of people utilize online reviews to check out a new restaurant before trying it for themselves! Having a quiet meal, good conversation, and a few drinks allows for the old-fashioned social networking to occur. Even though people might be more online than ever before, nothing really beats an intimate meal. The revenues and popularity of this industry prove it.