Restaurant sales are projected to reach a record high of $1.1 trillion in 2024, surpassing the $1 trillion mark for the first time, according to a research report from the National Restaurant Association. The association’s annual forecast predicts that restaurant sales will continue to grow in 2025, reaching $1.5 trillion by then.
Key Insights from the Report
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Economic Outlook: Despite ongoing economic uncertainty and inflation concerns, there is strong demand for restaurants offering unique experiences.
- Sean Kennedy, chief economist at the National Restaurant Association, stated, "Operators are prioritizing value when it comes to attracting customers."
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Employment Growth:
- Employment in the restaurant industry is expected to increase significantly in 2024, with a projected net gain of 200,000 jobs.
- This would bring total employment in restaurants to nearly 16 million people, marking an increase of about one-third since the COVID-19 pandemic lockdowns began three years ago.
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Digital Enablement Strategies:
- Operators are shifting their focus towards digital enablement strategies, such as improving customer conversion rates through data analytics tools like Google Analytics.
- More than half (54%) of operators cited value as the key factor driving decision-making for attracting customers, surpassing other factors like:
- Convenience (45%)
- Quality (43%)
- Speed (42%)
- Price (41%)
The Role of Third-Party Ordering Platforms
Restaurants have become essential components of successful marketing mix strategies, primarily because they can drive foot traffic into stores—something third-party ordering platforms cannot do on their own.
- Kennedy noted, "Third-party ordering platforms have become essential components of successful marketing mix strategies. They allow brands not only to drive orders but also to drive foot traffic into stores."
Recommendations for Operators
In addition to digital enablement strategies and leveraging third-party ordering platforms, operators should prioritize:
- Menu Engineering
- Pricing Optimization
These strategies are crucial for staying competitive amid rising costs for food ingredients and labor associated with hiring new employees.
Kennedy expressed optimism about the future, stating, "We think there will be some challenges ahead, but we’re optimistic about what we see happening next year."
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